On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $6.11 billion (-59.60%) on an annual basis to nearly $4.14 billion during the first seven months of the current year, down from around $10.25 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 $6.21 billion decrease in imports to just above $6.13 billion amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by some $103.28 million drop in exports to nearly $1.99 billion.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $664 million (33.43% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $493 million (8.05% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 40.07% ($796 million) of total Lebanese exports by July 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($228 million <11.46%>), “machinery; electrical instruments” ($185 million <9.30%>), and “chemical products” ($176 million <8.85%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($1,771 million <28.92%>), trailed by “chemical products” ($941 million <15.36%>), “vegetable products” ($475 million <7.76%>), and “prepared foodstuffs, beverages, and tobacco” ($440 million <7.18%>).