Lebanon’s trade deficit for 2014 narrowed by 0.64% year-on-year (y-o-y) to stand at $17.19B as imports during the year displayed a 3.48% decrease to offset the 15.95% reduction in exports during the same period.
Total imports equaled $20.49B by end-December, compared to $21.23B by December 2013. The three major goods imported to Lebanon were mineral products (23.85% share of total imports), machinery and electrical instruments (10.68% share of total imports), and products of the chemical or allied industries (9.81% share of total imports). Mineral products fell by 4.36% compared to 2013 on the back of lower oil prices. Machinery and electrical instruments also decreased by 15.54% y-o-y as a result of the slowdown in economic activity, while products of the chemical or allied industries augmented 3.83% y-o-y. The three major countries that Lebanon imports products from were China, Italy and France, with respective weights of 12.12%, 8.03% and 6.22%.
In parallel, total exports fell 15.95% annually to $3.31B by the end of 2014, due to a compounded effect of lower prices and a slower economy. Pearls, precious stones and metals, representing 16.35% of total exports, tumbled 29.63% annually on the back of lower gold prices, while prepared foodstuffs, beverages and tobacco (15.55% share of total exports) increased 13.82% y-o-y. The third main Lebanese export, Machinery and electrical instruments (13.44% share of total exports), decreased by an annual 12.12%. The three major destinations of Lebanese exports were Saudi Arabia, South Africa, and the United Arab Emirates, with weights of 11.39%, 8.97% and 9.66%, respectively.
For the month of December alone, Lebanon’s trade deficit narrowed by 11.15% y-o-y to $1.38B. Total imports dropped by 8.23% compared to December 2013. In contrast, exports rose by 10.44% y-o-y.