According to the Ministry of Industry, industrial exports totaled $1.54B in H1 2015, 2.60% lower than the same period in 2014 and 14.79% below the value reached in 2013.
The decline in the first 6 months of 2015 came on the back of the 4.47% year-on-year (y-o-y) drop of exported “Prepared Foodstuffs” to $260.5M (or 16.91% of total industrial exports). This fall was mainly attributed to the tribulations associated with Syria as the bulk in exported food products goes to the country. Furthermore, “Base Metals and Articles of Base Metals” (or 11.03% of total industrial exports) downturned yearly by 12.50% to record $170.0M by June, the bulk of which were distributed to the Turkish market. Last year, Greece was one of the main importers of those goods, but with its on-going credit problems its share of base metals in Lebanese exports has diminished significantly. Exported “Paper and Paperboard and articles thereof” (or 5.12% of total industrial exports) also fell to $78.8M in H1 2015, 24.23% lower than the $104.0M registered a year earlier. This was due to because Saudi Arabia’s share of the mentioned export product category plummeting from $23.56M in 2014 to $15.65M this year.
Total Industrial exports would have contracted even more if it wasn’t for the 16.25% y-o-y ascent to $269.7M in “Products of the Chemical” (or 17.51% of total industrial exports). Worth mentioning, Lebanese chemical exports were mainly sent to Bangladesh by June of this year. The value of exported “Machinery and Mechanical Appliances” was the highest amongst Lebanese industrial exports at $381.4M (or 24.77% of total industrial exports), and they saw a slight 0.77% yearly up tick by June 2015.
Main Industrial Exports by June 2014, 2015 (In $M)
Source: Ministry of Industry