According to the Ministry of Industry, the value of industrial exports in the first ten months of 2014 reached $2.66B, down by 7.5% compared to the same period in 2013 and down by 10.6% from the same period in 2012. The monthly average value of exports reached $265.7M up to October 2014, compared to $287.2M up to October 2013 and $297.3M up to October 2012.
As for imports of machinery and industrial equipment, they amounted to $230.1M up to October 2014, as compared to $264.3M in the same period of 2013 and $239.4M in the same period of 2012.
In the month of October alone, the value of industrial exports totaled $269.1M as compared to $252.2M in the same period of 2013. Although the industrial exports were up in 2014, they are 4.6% below their level in 2012.
The main exported products are “machines, equipment and electrical tools “with a value of $56.9M in October 2014, of which the largest bulk $8.4M is destined for the Iraqi market. Second in line, are exports of petrochemical products, which reached $53.7M in October and that were mainly destined for the Turkish market which consumed $9.7M. Exports of Industrial foods followed with a value of $39.8M in October, with the largest destination market being Syria with a value of $7.2M. Regular metal products as well as pearls, precious stones and semi-precious stones were also top exported products in October with respective values of $28.4M and $19.9M.
The main export markets were UAE with a share of 12.6% of the total, the Kingdom of Saudi Arabia with a share of 10% and Iraq with a 9.4% stake.
In the month of October alone, the imports of machines and industrial equipment declined by 13.7% from $20.5M in October 2013 to $17.7M in October 2014. The main import destinations were Germany ($4M), China ($3.5M) and Italy ($2.1M).