On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $4.82 billion on an annual basis to nearly $3.59 billion during the first half of the current year, down from around $8.41 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 $4.94 billion decrease in imports to just above $5.20 billion amid the thin access to foreign currency in the banking system to finance imports’ activity, accompanied by some $112.24 million drop in exports to nearly $1.61 billion.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $516 million (31.98% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $410 million (7.87% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 39.27% ($633 million) of total Lebanese exports by June 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($186 million <11.52%>), “machinery; electrical instruments” ($158 million <9.77%>), and “chemical products” ($140 million <8.66%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($1,485 million <28.54%>), trailed by “chemical products” ($803 million <15.43%>), “vegetable products” ($427 million <8.21%>), and “prepared foodstuffs, beverages, and tobacco” ($405 million <7.79%>).