On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $7.25 billion (-58.03%) on an annual basis to nearly $5.25 billion during the first nine months of the current year, down from around $12.50 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 $7.43 billion decrease in imports to just below $7.88 billion amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by some $174.00 million drop in exports to nearly $2.63 billion.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $868 million (32.99% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $636 million (8.08% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 40.24% ($1,059 million) of total Lebanese exports by September 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($278 million <10.57%>), “machinery; electrical instruments” ($238 million <9.04%>), and “chemical products” ($228 million <8.65%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($2,368 million <30.06%>), trailed by “chemical products” ($1,212 million <15.39%>), “vegetable products” ($593 million <7.53%>), and “pearls, precious stones and metals” ($591 million <7.50%>).