Lebanon’s trade gap narrows 2.1% y/y to USD 9.9bn in Jan-July 2013

By bne IntelliNews September 2, 2013

Rising exports and falling imports helped Lebanon's trade deficit shrink 2.1% y/y to USD 9.92bn in the first seven months of 2013, preliminary figures from the Lebanese Customs published by daily Assafir showed on Sept 2. Lower energy prices and demand amid favourable weather conditions helped keep Lebanon’s imports bill anchored over the period. The Syrian turmoil continued to boost Lebanon’s exports amid rising Syrian local demand for fuel, fresh produce and other food items.

Exports rose 4% y/y to USD 2.59bn and imports fell 1% to USD 12.51bn over the period. Mineral products remained the top import item with USD 3.05bn (24% of imports) and electrical equipment and machinery imports followed with USD 1.55bn (12% of total). Chemicals ranked third at USD 1.19bn. Transport items were fourth at USD 938mn and base metals came fifth at USD 866mn. Food imports ranked sixth at USD 803mn.

China topped the list of exporters to Lebanon in January-July shipping USD 1.14bn worth of goods. Italy came second with USD 1.03bn and the US was third with USD 976mn. France ranked fourth with exports of USD 903mn and Germany fifth at USD 752mn.

Jewellery and pearls sales remained Lebanon’s top export items at USD 579mn (22% of sales). Minerals ranked second at USD 347mn and base metals third. Electrical appliance and machinery exports were fourth at USD 310mn and food items fifth at USD 257mn.

Syria topped the list of importers in January-July buying USD 409mn worth of Lebanon's goods. Saudi Arabia followed with USD 231mn and the UAE was third with USD 197mn. Iraq ranked fourth at USD 151mn. Transit activity in Lebanon remained strong over the period, rising 36% y/y to USD 267mn. Re-exports fell 8% to USD 142mn. 

Related Articles

Lebanon becomes European Bank for Reconstruction and Development shareholder

Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

US lifts laptop ban on Turkish Airlines flights as of July 5

Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more