For the first seven month of year 2022, Lebanon’s trade deficit totaled $8.10B up from $5.68B registered in the same period last year. Total imported goods added 35.15% year-on-year (YOY) to $10.74B while total exports increased by 16.27% YOY to $2.63M by July 2022. Interesting to note, Central Bank’ foreign assets dropped by $2.65B by July 2022 whereas for the same period last year, it plunged by $4.02B with total exports stood at $2.27B by July 2021.
In detail, the “Mineral products” grasped the lion’s share of total imported goods with a stake of 29.78%. “Machinery; electrical instruments” ranked second, composing 12.74% of the total while “Vehicles, aircraft, vessels, transport equipment” and “Pearls, precious stones and metals” grasped the respective shares of 10.63% and 8.64%, respectively.
On an annual basis, the value of imported “Mineral products” jumped by 41.92%, from $2.25B to $3.20B by July 2022. The increase is mainly attributed to the surge in fuel prices leading to marginally greater costly imported fuel bills. In fact, the value of mineral fuel and mineral oil imported added alone 42.08% from $2.21B by July 2021 to $3.14B by July 2022.
On a different note, the top three import destinations by July 2022 were China, Turkey and Greece grasping the respective shares of 13.62%, 12.27%, and 10.50% of the total value of imports.
On the Exports front, Lebanon’s top exported products were “Pearls, precious stones and metals” grasping a share of 16.47% of the total. “Plastics and articles thereof; rubber” and “Base metals &articles of base metal” followed, with each grasping a share of 12.78% and 12.31%, respectively, of the total.
The top three export destinations in July 2022 were UAE, Syrian Arab Republic and Iraq with the respective shares of 17.75%, 12.76% and 5.46%..
Trade Deficit by July ($B)
Source: Customs Administration, BLOMINVEST