Lebanon’s Trade Deficit Narrowed by 0.58% y-o-y in the First Five Months of 2017

Lebanon’s trade deficit contracted by 0.58% year-on-year (y-o-y) in the first five months of 2017 to stand at $6.72B. Accordingly, total imports grew by an incremental 0.77% y-o-y to $7.92B. However, exports rose by 9.06% y-o-y to $1.21B on the back of an annual 28.9% increase in the volume of exported goods to 0.82M tons.

The top products imported to Lebanon were Mineral products with a share of 20.46%, followed by 10.98% for products of the Chemical and allied industries, 9.91% for Machinery and electrical instruments, and Vehicles, aircraft, vessels, transport equipment, which grasped a stake of 9.49% of total imports.

The value of imported Mineral products contracted by 15.31% to settle at $1.62B by May 2017, while each of the value of Products of the Chemical and allied Industries, Machinery and electrical instruments, as well as Vehicles, aircraft, vessels, transport equipment climbed by an annual 0.4%, 3.45%, and 9.17% to $870.41M, $785.12M, and $751.87M, respectively over the same period.

China, Italy, Germany, and Greece were Lebanon’s top import destinations in the month of May 2017, with the respective shares of 11.68%, 9.11%, 7.33%, and 6.21%, respectively.

As for exports, the top products exported from Lebanon were Pearls, precious stones and metals with a stake of 23.17% of total exported products, followed by Prepared foodstuffs, beverages and tobacco grasping a share of 16.85% of total exports, Base metals and articles of base metal, as well as Machinery and electrical instruments with respective stakes of 11.07% and 11.01% of the total.

In details, the value of Pearls, precious stones, & metals rose by 33.76% to $279.69M by May 2017 as their volume substantially increased by 66.67% while the average price of gold rose only by an incremental 2.16% y-o-y to stand at $1,234.93/ounce by May 2017. As for Prepared foodstuffs, beverages and tobacco as well as Base metals and articles of base metal, they recorded upticks of 4.96% and 20.23% y-o-y, to reach $203.47M and $133.70M, respectively, in the same period. However, the value of Machinery and electrical instruments declined by a yearly 11.13% to $132.93M in the first five months of 2017.

It is worthy to mention that Switzerland made it again among the top three export destinations in May 2017. In details, exports to South Africa constituted 10.73% of the total, those to Saudi Arabia grasped a 9.44% stake, and Switzerland absorbed a 7.67% share of Lebanon’s total exported goods.

In the month of May 2017, the deficit fell from $1.39B to stand at $1.32B, as exports rose by 1.09% y-o-y to $239.69M while Imports decreased by an annual 4.35% to $1.56B.

Trade deficit by May (in $B)

Lebanon’s Trade Deficit Narrowed by 0.58% y-o-y in the First Five Months of 2017

Source: Lebanese Customs

 

 

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