For the year 2021, Lebanon’s trade deficit totaled $9.18B, widening from the $7.75B registered by end of year 2020. In fact, total imported goods added 22.33% year-on-years (YOY) to $13.83B while Lebanon’s total exports increased by 30.83% YOY to $4.65B by the end of year 2021.
In term of value, the “Pearls, precious stones and metals” grasped the biggest share of total imported goods with a stake of 8.95%. “Machinery; electrical instruments” ranked second, composing 8.93% of the total while “Mineral products” and “Vehicles, aircraft, vessels, transport equipment” grasped the respective shares of 8.65% and 8%, respectively.
In details, Lebanon imported $1.23B worth of “Pearls, precious stones and metals”, compared to a value of $894.09M by year of 2020. Moreover, the values of “Works of art, collectors’ pieces and antiques” and “Vehicles, aircraft, vessels, transport equipment” recorded yearly increase of 247.74% and 134.45% to settle at $33.74M and $1.10B, respectively. Meanwhile, “Raw hides and skins, leather, furskins” and “Pulp of wood; paper and paperboard” registered annual drops of 72.19% and 67.58% to stand at $5.63M and $59.01M.
The top three import sources by 2021 were Turkey, Greece, and China grasping the respective shares of 10.96%, 9.88% and 9.16% 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 22.48% of the total. Moreover, “Vegetable products” and “Base metals and articles of base metal” each grasped a share of 11.27% and 10.44%, respectively, of the total.
In more details, the value of “Pearls, precious stones and metals” decreased yearly by 25.82% to $1.04B by end of year 2021. Meanwhile, the value of “Vegetable products” observed a significant uptick of 110.74% to reach $524.43M while “Base metals and articles of base metal”, witnessed a yearly increase of 58.85% to reach $485.66M by end of year 2021.
During the year of 2021, the top three export destinations were UAE, Switzerland and Cameroon with the respective shares of 22.66%, 9.34% and 6.17%. Interesting to mention that Saudi Arabia’s share which used to be among top export destinations in 2020 narrowed from 5.72% to only 2.94% by end of year 2021.
Trade Deficit in year 2021 ($B)
Source: Customs Administration, BLOMINVEST