On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $804.13 million on an annual basis to nearly $1.43 billion during the first two months of the current year, down from around $2.23 billion during that same period last year, according to statistics published by the Lebanese Customs Administration. Said contraction in the deficit was triggered by some $663.61 million decrease in imports to around $2.11 billion, coupled with some $140.52 million increase in exports to nearly $676 million.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $221 million (32.65% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $199 million (9.48% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 46.72% ($316 million) of total Lebanese exports by February 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($66 million <9.77%>), “base metals and articles of base metal” ($60 million <8.91%>), and “machinery; electrical instruments” ($51 million <7.50%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($750 million <35.64%>), trailed by “chemical products” ($256 million <12.17%>), “pearls, precious stones and metals” ($208 million <9.91%>), and “vegetable products” ($147 million <7.00%>).