Lebanon’s trade deficit narrowed by 1.28% year-on-year (y-o-y) to reach $10.69B by August 2017. In fact, total imports dropped by a yearly 1.58% to $12.59B by August 2017 while exports slid by a yearly 3.21% to $1.91B over the same period.
Lebanon’s top imports were “Mineral Products”, “Products of the Chemical or Allied Industries” and “Machinery and Electrical Instruments” with respective shares of 19.23%, 11.26% and 10.29% in total imports.
The value of imported mineral products declined by a yearly 15.11% to $2.42B while the value of products of the chemical or allied industries and that of machinery and electrical instruments grew by annual rates of 3.64% and 3.43% to $1.42B and $1.30B, respectively.
By August 2017, China, Italy and Greece were the top three import destinations with respective shares of 9.98%, 9.04% and 7.29% in total imports.
As for exports, the top products exported from Lebanon were Pearls, precious stones and metals with a stake of 21.05% of total exported products, followed by Prepared foodstuffs, beverages and tobacco grasping a share of 16.11% of total exports and Base metals and articles of base metal with a share of 11.53%.
In details, the value of Pearls, precious stones, & metals fell by 28.43% to $401.02M, that of prepared foodstuff rose by an annual 3.63% to $307.04M and that of base metals and articles of base metals grew by an annual 35.08% to $219.69M.
The top three export destinations were South Africa, Syria and Saudi Arabia with respective shares of 12.08%, 9.15% and 8.48%, respectively.
In the month of August alone, the deficit fell from $1.61 in August 2016 to $1.34B this year, as exports and imports both declined from $340.50M and $1.95B in August 2016 to $250.81M and $1.59B in August 2017, respectively.
Trade deficit by August 2017 ($B)
Source: Lebanese Customs