On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $4.31 billion on an annual basis to nearly $3.01 billion during the first five months of the current year, down from around $7.32 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 $4.41 billion decrease in imports to around $4.35 billion amid the thin access to foreign currencies in the banking system to finance imports activity, accompanied by some $104.64 million drop in exports to nearly $1.34 billion.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $406 million (30.44% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $350 million (8.04% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 39.00% ($521 million) of total Lebanese exports by May 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($156 million <11.65%>), “machinery; electrical instruments” ($128 million <9.60%>), and “chemical products” ($116 million <8.68%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($1,300 million <29.89%>), trailed by “chemical products” ($646 million <14.86%>), “vegetable products” ($355 million <8.17%>), and “pearls, precious stones and metals” ($325 million <7.48%>).