According to the customs Administration, Lebanon’s trade deficit totaled $15.56B up from $9.75B during the same period last year. Total imported goods added 39.65% year-on-year (YOY) to $19.05B while total exports decreased by 10.16% YOY to stand at $3.49B by December 2022. Interesting to note, Central Bank’ foreign assets dropped since year start by $2.644B by end of December 2022, while total amount traded on Sayrafa platform reached $11.72B by December 2022.
In details, the “Mineral products” grasped the lion’s share of total imported goods with a stake of 29.29%. “Machinery; electrical instruments” ranked second, composing 12.87% of the total while “Vehicles, aircraft, vessels, transport equipment” and “Pearls, precious stones and metals” grasped the respective shares of 10.5% and 8.83%, respectively.
On an annual basis, the value of imported “Mineral products” jumped by 43.94%, from $3.88B to $5.58B by December 2022. The increase is mainly attributed to the surge in fuel prices leading to greater costly imported fuel bills. Furthermore, the value of imported “Vehicles, aircraft, vessels, transport equipment” rose significantly by 78.13% from $1.12B to $2B by December 2022.
On a different note, the top three import destinations by December 2022 were China, Turkey and Greece grasping the respective shares of 14.04%, 12.7%, and 9.55% of the total value of imports. Furthermore, total value of imported goods from China, Turkey and Greece reached respectively $2.68B, $2.42B and $1.82B.
On the Exports front, Lebanon’s top exported products were “Pearls, precious stones and metals” grasping a share of 21.56% of the total. “Base metals and articles of base metal” and “Plastics and articles thereof; rubber” followed, with each grasping a share of 14.02% and 11.11%, respectively, of the total.
The top three export destinations in December 2022 were UAE, Syrian Arab Republic and Egypt with the respective shares of 21.4%, 10.2% and 4.82%.
Trade Deficit by December ($B)
Source: Customs Administration, BLOMINVEST