On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $228.65 million on an annual basis to nearly $821 million during the first month of the current year, down from around $1,049 million during that same month last year, according to statistics published by the Lebanese Customs Administration. Said contraction in the deficit was triggered by some $251.02 million decrease in imports to $1,154 million, which outweighed the $22.37 million drop in exports to around $333 million.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $130 million (39.11% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $112 million (9.72% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 47.77% ($159 million) of total Lebanese exports in January 2020, followed by “base metals and articles of base metal” ($30 million <8.96%>), “prepared foodstuffs, beverages, and tobacco” ($30 million <8.90%>), and “chemical products” ($24 million <7.21%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($458 million <39.71%>), trailed by “chemical products” ($126 million <10.95%>), “pearls, precious stones and metals” ($91 million <7.90%>), and “vegetable products” ($76 million <6.57%>).