Lebanon’s Trade Deficit Widened to Reach $11.94B by September 2016

According to the Lebanese Customs, Lebanon’s trade deficit broadened by 8.64 % to $11.94B by September 2016, as exports increased by a yearly 3.25% to $2.31B, while imports added 7.73% y-o-y to $14.24B.

On the imports’ side, as oil prices averaged lower in Jan-September 2016 ($38.38/barrel) compared to the same period in 2015 ($55.26/barrel), mineral products (21.70% of total import value) saw rising value and volume. In details, imports of mineral products increased 36.81% y-o-y, in terms of volume, to reach 7.14M tons by September 2016. Accordingly, value of total imported mineral products increased 36.22% y-o-y to $3.09B. Moreover, products of the chemical or allied industries, which grasped 10.75% of the total value of imported goods increased by a yearly 5.67% to $1.53B. As for machinery and electrical instruments, they grasped a share of 9.80% of the total value and fell by 8.45% from 2015 to stand at $1.40B by September 2016.

The top countries Lebanon imported from during the first nine months of the year were China, Italy, USA, Germany, and Greece with respective shares of 11.20%, 7.37%, 6.55%, 6.08% and 5.27% of the total value.

As for exports, given the strength of the Lebanese jewelry sector and the increasing gold prices this year, “pearls, precious stones and metals” products, grasping the largest share of exported goods (31.82%), almost doubled in value by September 2016 to reach $652.93M. As for prepared foodstuffs, beverages and tobacco, they comprised 15.95% of exported goods’ value amounting to $327.36M by September 2016, compared to $362.81M by September 2015. Moreover, exports of machinery and electrical instruments, that take up to 11.71% of the total exports, fell by 51.18% y-o-y to $312.46M by September 2016.

The top export destinations for the same period were South Africa, Saudi Arabia, United Arab Emirates, Syria and Iraq with respective shares of 22.23%, 9.27%, 8.15%, 5.73% and 5.61% of the total value.

Trade Deficit by September 2016 (in $B)

Lebanon’s Trade Deficit Widened to Reach $11.94B by September 2016

Source: Lebanese Customs

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