On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $2.08 billion on an annual basis to nearly $2.02 billion during the first quarter of the current year, down from around $4.09 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 $2.02 billion decrease in imports to around $2.93 billion, coupled with some $58.25 million increase in exports to nearly $914 million.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $267 million (29.23% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $278 million (9.49% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 40.85% ($373 million) of total Lebanese exports by March 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($101 million <11.05%>), “base metals and articles of base metal” ($86 million <9.43%>), and “machinery; electrical instruments” ($83 million <9.12%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($1,000 million <34.11%>), trailed by “chemical products” ($360 million <12.28%>), “pearls, precious stones and metals” ($268 million <9.13%>), and “vegetable products” ($220 million <7.52%>).