According to the Lebanese Ministry of Industry, the value of total industrial exports in the first ten months of 2017 contracted by 3.2% year-on-year (y-o-y), to settle at $2.05B by October 2017. Meanwhile, total industrial imports gained a yearly 9.6% to hit $216.6M over the same period.
On a monthly basis, the value of total industrial exports in October 2017 registered an annual uptick of 3% to reach $226.7M. As such, the main exported products during the month entailed Prepared foodstuffs and tobacco exports which climbed by 16.1% to $46.86M. In turn, Machinery and electrical equipment slipped by 6.7% y-o-y, to $43.76M. Products of the chemical industries was October’s top loser, as it declined by an annual 21.2% to reach $32.1M.
In details, Prepared foodstuffs and tobacco grasped a 20.7% stake of total industrial exports, of which $8.6M were exported to Syria. As for Machinery and electrical equipment, it constituted 19.3% of total industrial exports, of which $7.1M were exported to Iraq. Lastly, Products of the chemical industries grasped 14.2% of total exports, with $7.2M exported to Iraq.
It is worth noting that Base metals and articles of base metals (which made up 14.1% of total industrial exports) in October 2017 recorded a yearly uptick of 56.1% y-o-y, to reach $31.9M. In contrast, Pearls, precious or semi-precious stones, precious metals and articles thereof slumped by an annual 35.1% to stand at $9.1M over the same period.
In October 2017, the Arab countries constituted the main market for Lebanon’s industrial exports. Particularly, Syria, Iraq, and Saudi Arabia were the major importers, grasping shares of 10.1%, 8.7%, and 8.3%, respectively of the total export value.
As for total industrial imports in October 2017, they rose by an annual 54.5% to stand at $22.4M. In details, the imports of Machinery and Industrial Equipment for food industries were the largest, totaling $3.2M, of which $929,000 was imported by China. Machines for rubber and plastics industry followed, amounting to $1.5M, of which $547,000 were imported similarly from China.
Yearly Comparison of the Main Industrial Exports in October
Source: Ministry of Industry in Lebanon