Lebanon’s trade gap widens 6% y/y in February

By bne IntelliNews April 15, 2016

Lebanon's trade deficit expanded 6% y/y to $1.149bn in February as imports increased whereas exports dropped, preliminary figures from the Lebanese Customs showed.

Lebanon’s foreign trade parameters have absorbed the shock of falling oil prices while private consumption and industrial demand consolidated. The pattern, set to sustain in H1, will definitely worsen Lebanon’s external position, widening the already chronic Balance of Payment deficit.

A worsening trade gap, coupled with faltering services income amid weak tourism activity, widened Lebanon’s balance of payments (BoP) deficit to $719mn in January from $372mn the preceding month, data from the central bank showed. In January 2015, the BoP reached $280mn.

Exports dropped 3.3% y/y but jumped 23% m/m to $236mn in February mainly on growing sales of fresh produce and gold items. Exports of semi-finished goods also remained strong amid rebounding regional demand for generics and other goods.

Imports increased 4.3% y/y to $1.377bn in February but fell 7.8% m/m. Mineral products (crude oil is the single biggest constituent) remain Lebanon’s top import followed by electrical equipment and machinery, chemicals and transport.

Read in IntelliNews Pro
Get IntelliNews Pro

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

Most Read

  1. Siemens considers quitting Russia
    8 days ago
  2. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    8 days ago
  3. Wildfires hit Croatia and Montenegro’s Adriatic coast
    4 days ago
  4. Nato still has a mixed reception in Emerging Europe
    8 days ago
  5. Tajik president’s 23-year old daughter appointed deputy head of largest Tajik bank
    2 days ago
  1. CHINA RISING: When sleeping giants meet
    11 days ago
  2. Belarus’ retail king Euroopt goes on the road
    17 days ago
  3. Moldova, Bulgaria, Poland, Albania and Latvia to lose more than 40% of their populations by 2100
    1 month ago
  4. STOLYPIN: Russia’s cyber-challenge cuts both ways
    19 days ago
  5. Siemens considers quitting Russia
    8 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss