Industrial Exports Improved in January this Year

According to the Ministry of Industry, January’s industrial exports totaled $243.2M in January 2015, 2.4% higher than the same month in 2014 but still 11.8% below the value reached in January 2013.

The improvement in the first month of 2015 came on the back of the 41.0% year-on-year (y-o-y) surge of exported “Products of the Chemical “to $46.7M (or 19.2% of total industrial exports). These products were mainly destined to Iraq, which imported $6.3M in January 2015, a 181% rise from January 2014. Furthermore, “Pearls, Precious or Semi-Precious Stones” experienced a 24.6% y-o-y increase from January 2014 to $17.2M (or 7.1% of total industrial exports). The United Arab Emirates were the foremost importers of Lebanese precious stones, experiencing a 22.7% yearly progression to $8.8M.

Total Industrial exports would have improved even more if it wasn’t for the 16.2% y-o-y drop to $35.7M (or 14.7% of total industrial exports) in “Prepared Food Stuffs”, in January 2015. This fall was mainly attributed to the annual 48.7% drop in exported food products to war driven Syria, as they reached $43.5M. Worth mentioning, Lebanese food exports were mainly sent to Saudi Arabia in January of this year. “Base Metals and Articles of Base Metals” also declined by a yearly 8.5% to $27.7M (or 11.4% of total industrial exports), the bulk of which were distributed on the Turkish market. In January last year, Greece was one of the main importers of those goods, but with their on-going credit problems their share of base metal Lebanese exports has diminished significantly.

Even though the value of exported “Machinery and Mechanical Appliances” was the highest amongst Lebanese industrial exports at $58.1M (or 23.9% of total industrial exports), yet they saw a slight 2.7% yearly drop in January 2015. Notably the main share of those products was sent to Saudi Arabia amounting to $6.45M.

Main Industrial Exports in January 2014, 2015 (In $M)

Industrial Exports Improved in January this Year

Source: Ministry of Industry

 

 

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