Despite a strategic location in the Middle East and accustomed free trades, circumstances remain against Lebanon becoming the region’s hub in terms of international trade, investment and tourism. Lebanon’s economic structure reflects the features of a service-driven economy coupled with a structural trade deficit used to be basically offset by capital inflows, remittances from Lebanese expatriates and tourism. This was clearly perceived in 2013’s negative trade balance, which accounted for 38.1% of the Gross Domestic Product (GDP) revealing a moderate integration of Lebanon in the international trade activity compared to other economies.
2013 was indeed another traumatic year to Lebanon. Following a slower expansion in 2012, trade deficit re-expanded by 6.6% year-on-year (y-o-y) in 2013 to touch the $17.05B, on account of higher imports and lower exports. In details, exports covered 19.69% of imports by December 2013 edging down from 2012’s ratio of 21.90%…
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2014-03-Lebanon’s Trade Activity in 2013 highlights a Hectic Year