Lebanon’s trade deficit for the first month of 2016 stood at $1.31B, widening from the $1.09B registered in the same month last year. Total imports grew by 11.50% year-on-year (y-o-y) to $1.49B while exports slumped by 25.83% y-o-y to $185.6M.
The top imported goods to Lebanon were Mineral products with a share of 24.94%, followed by 10.41% for products of the chemical and allied industries and 9.64% for machinery and electrical instruments.
The value of imported mineral products increased from $218.15M in January 2015 to $372.73M in January 2016 and their volume rose from 514,554 tons to 788,067 tons over the same period. Meanwhile, the value of products of the chemical and allied industries and that of machinery and electrical instruments dropped by a yearly 1.8% and 4.1% to reach $155.56M and $144.14M in January, respectively.
In January, the top three import destinations were China, the US and Italy with shares of 12.9%, 6.8% and 6.4%, respectively.
The top exported products from Lebanon were prepared foodstuffs, beverages and tobacco with a share of 18.06% in the total followed by shares of 14.84% for pearls precious stones and metals and of 12.87% for machinery and electrical instruments.
All top exported items were down in January: The value of prepared foodstuffs, beverages and tobacco, pearls precious stones and metals, and machinery and electrical instruments registered yearly drops of 3%, 44% and 16% to reach $33.52M, $27.55M and $23.88M, respectively.
In January, the top three export destinations were Saudi Arabia, the UAE and South Africa with shares of 11.77%, 1.14% and 9.48%, respectively.
Trade Deficit in January ($B)
Source: Lebanese Customs