According to the customs Administration, Lebanon’s trade deficit totaled $14.57B up from $9.10B registered in the same period last year. Total imported goods added 43.86% year-on-year (YOY) to $17.79B while total exports decreased by 1.55% from $3.27B by November 2021 to $3.21M by November 2022. Interesting to note, Central Bank’ foreign assets dropped by $2.64B by end of November 2022 whereas for the same period last year, it plunged by $5.85B with total exports stood at $3.27B by November 2021. Meanwhile, total amount traded on Sayrafa platform totaled $10.80B by November 2022.
In detail, the “Mineral products” grasped the lion’s share of total imported goods with a stake of 29.05%. “Machinery; electrical instruments” ranked second, composing 13.09% of the total while “Vehicles, aircraft, vessels, transport equipment” and “Pearls, precious stones and metals” grasped the respective shares of 10.88% and 8.97%, respectively.
On an annual basis, the value of imported “Mineral products” jumped by 44.13%, from $3.58B to $5.17B by November 2022. The increase is mainly attributed to the surge in fuel prices leading to marginally greater costly imported fuel bills. Noting that the value of mineral fuel and mineral oil imported added alone 33.32% from $3.78B by November 2021 to $5.04B by November 2022.
On a different note, the top three import destinations by November 2022 were China, Turkey and Greece grasping the respective shares of 14.01%, 12.59%, and 9.66% of the total value of imports.
On the Exports front, Lebanon’s top exported products were “Pearls, precious stones and metals” grasping a share of 21.05% of the total. “Base metals and articles of base metal” and “Plastics and articles thereof; rubber” followed, with each grasping a share of 14.17% and 11.77%, respectively, of the total.
The top three export destinations in July 2022 were UAE, Syrian Arab Republic and Egypt with the respective shares of 21.19%, 10.83% and 4.83%.
Trade Deficit by November ($B)
Source: Customs Administration, BLOMINVEST