According to the Customs Administration, Lebanon’s trade deficit totaled $13.99B down from $15.56B during the same period last year. Total imported goods dropped by 4.85% year-on-year (YOY) to $18.13B while total exports increased by 18.53% YOY to stand at $4.14B by December 2023. In details, the “Mineral products” grasped the lion’s share of total imported goods with a stake of 27.58%. “Pearls, precious stones and metals” ranked second, composing 13.94% of the total while “Machinery; electrical instruments” and “Products of the chemical or allied industries” grasped the respective shares of 9.56% and 7.04%, respectively.
On an annual basis, the value of imported “Mineral products” rose by 36.75%, from $3.66B to $5B by December 2023. Furthermore, the value of imported “Pearls, precious stones and metals” rose significantly by 120.22% from $1.15B to $2.53B by December 2023.
On a different note, the top three import sources by December 2023 were China, Greece, and Switzerland grasping the respective shares of 11.52%, 9.81%, and 9.67% of the total value of imports. Furthermore, total value of imported goods from China, Greece and Switzerland reached respectively $2.09B, $1.78B and $1.76B.
On the Exports front, Lebanon’s top exported products were “Pearls, precious stones and metals” grasping a share of 19.49% of the total. “Machinery electrical instruments” and “Base metals and articles of base metal” followed, with each grasping a share of 15.54% and 10.93%, respectively, of the total. The top two export destinations in December 2023 were UAE and Turkey with the respective shares of 19.67% and 8.74%.
Trade Deficit by December 2023 ($B)
Source: Customs Administration, BLOMINVEST
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