Lebanon’s Trade Deficit Narrowed to Reach $11.77B by Q3 2017

According to the Lebanese Customs, Lebanon’s trade deficit narrowed by 2.04 % to $11.77B by September 2017, as exports increased by a yearly 4.86% to $2.12B, and imports fell by 2.48% y-o-y to $13.89B.

On the imports’ side, value of total imported mineral products fell by 13.71% y-o-y to $2.67B, on the back of a drop in volume from 7.14M tons by Q3 2016 to 6.49M tons, this year. Moreover, products of the chemical or allied industries, which grasped 12.40% of the total value of imported goods increased by a yearly 1.97% to $1.56B. As for machinery and electrical instruments, they grasped a share of 11.39% of the total value and increased by 2.71% from Jan- Sept 2016 to stand at $1.43B by September 2017.

The top countries Lebanon imported from during the first nine months of the year were China, Italy, and Greece with respective shares of 10%, 9%, and 7%.

As for exports, “pearls, precious stones and metals” products, grasping the largest share of exported goods (21.79%), plunged by 30% by Q3 to reach $460.85M. As for prepared foodstuffs, beverages and tobacco, they constituted 15.81% of the exported goods’ value amounting to $334.32M by September 2017, compared to $325.92M by September 2016. Moreover, exports of machinery and electrical instruments, that take up to 11.11% of the total exports, fell by 5.21% y-o-y to $234.93M by September 2017.

The top export destinations for the same period were South Africa, United Arab Emirates, and Saudi Arabia, with respective shares of 12%, 9%, and 8%.

Trade Deficit by September (in $B)

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Source: Lebanese Customs

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