According to data retrieved from the Lebanese Customs, Lebanon’s trade deficit increased by 9.72% from $7.23B by June 2015 to $7.93B by June 2016. Accordingly, exports fell by a yearly 5.67% to $1.46B while imports increased by 7.00% y-o-y to $9.40B. This increase in the value of imports was due to the increase in imported volume of goods from 7.58M tons by June 2015 to 9.08M by June 2016. Also, the drop in exports was almost entirely accounted for by a drop in volume from 1.03M tons by June 2015 to 0.8M by June 2016. This fall can be associated with the political conditions in the countries surrounding Lebanon.
in details, mineral products accounted for 22.37% of the total value of imported goods, which increased 42.15% y-o-y to $2.1B by June 2016. Moreover, products of the chemical or allied industries registered 11.08% of the total value of imported goods, which accounted for a yearly rise of 4.79% to $1.04B. As for machinery and electrical instruments, they held a share of 9.94%, which dropped by 7.46% from June 2015 to $934.17M by June 2016.
As for exports, Pearls, precious stones and metals grasped the highest share of exported goods, where they grew by 27.92% year-on-year (y-o-y) to $303.80M in the first half (H1) of 2016. As for prepared foodstuffs, beverages and tobacco, they accounted for 15.98% of exported goods, worth $234.03M by June 2016, compared to $253.57M by June 2015. Moreover, exports of machinery and electrical instruments, that take up to 13.57% of the total exports, fell by 13.18% y-o-y to $198.73M by H1 2016.
The top import destinations for the first half of the year of the year were China, Italy, USA, Germany, and Holland with respective shares of 10.79%, 7.65%, 7.08%, 5.97% and 5.26%.
The top export destinations for the same period were South Africa, Saudi Arabia, United Arab Emirates, Syria and Iraq with respective shares of 15.92%, 10.59%, 9.07%, 6.21% and 6.15%.
Trade Deficit by June 2016 (in $B)
Source: Lebanese Customs