On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $7.41 billion (-54.83%) on an annual basis to nearly $6.10 billion during the first ten months of 2020, down from around $13.51 billion during that same period in 2019, according to statistics published by the Lebanese Customs Administration. Said contraction in the deficit was triggered by some $7.54 billion decrease in imports to around $9.07 billion amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by some $131.36 million drop in exports to nearly $2.97 billion.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $971 million (32.73% of Lebanon’s exports). The United States, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $782 million (8.62% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 41.14% ($1,221 million) of total Lebanese exports by October 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($311 million <10.50%>), “machinery; electrical instruments” ($260 million <8.77%>), and “chemical products” ($254 million <8.57%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($2,664 million <29.37%>), trailed by “chemical products” ($1,357 million <14.96%>), “machinery; electrical instruments” ($732 million <8.57%>), and “pearls, precious stones and metals” ($710 million <7.83%>).