On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $372.97 million on an annual basis to around $1.05 billion during the first month of the current year, from $1.42 billion during that same month last year, according to statistics published by Lebanon’s Higher Customs Council. Said contraction in the deficit was triggered by a $300.53 million y-o-y drop in imports to just below $1.41 billion, which was met by a $72.43 million increase in exports to $355 million.

The United Arab Emirates led the list of countries importing from Lebanon, with its imports invoice aggregating to $40 million (11.28% of Lebanon’s exports). China, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $154 million (10.94% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 22.10% ($79 million) of total Lebanese exports in January 2019, followed by “prepared foodstuffs; beverages, and tobacco” ($27 million <7.64%>), “chemical products” ($25 million <6.94%>), and “machinery; electrical instruments” ($21 million <6.04%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($264 million <18.79%>), trailed by “machinery and electrical instruments” ($183 million <13.06%>), “chemical products” ($169 million <12.04%>), and “prepared foodstuffs; beverages, and tobacco” ($110 million <7.85%>).