For the second month of year 2021, Lebanon’s trade deficit totaled $1.56B, going from the $1.42B registered in the same period last year. In fact, total imported goods retreated only by 7.4% year-on-year (YOY) to $1.94B; while Lebanon’s total exports significantly retreated by 42.95% YOY to $383.52M in February 2021.
In detail, the “Mineral products” grasped the lion’s share of total imported goods with a stake of 23.56%. “Products of the chemical or allied industries” ranked second, composing 15.53% of the total while “Vegetable Products” and “Pearls, precious stones and metals” grasped the respective shares of 8.68% and 8.23%, respectively.
Compared to February 2020, the value of imported “Mineral products” slumped from $750.19M to $459.28M. In fact, the imported volume of mineral products (mostly oil) decreased by 38.78% YOY. This may be attributed to the deterioration of the Lebanese purchasing power, due to the catastrophic depreciation of the national currency against the dollar.
In February, the top three import destinations were China, Turkey and U.S.A grasping the respective shares of 9.14%, 8.62%, and 8.38% of the total value of imports.
On the Exports front, Lebanon’s top exported products were “Pearls, precious stones and metals” grasping a share of 26.47% of the total. “Prepared foodstuffs, beverages & tobacco” and “Base metals &articles of base metal” followed, with each grasping a share of 14.26% and 14.05%, respectively, of the total.
The top three export destinations in January 2021 were UAE, Saudi Arabia and Qatar with the respective shares of 21.71%, 8.38% and 6.09%.
Trade Deficit in February ($B)
Source: Customs Administration, BLOMINVEST