On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $7.66 billion (-52.87%) on an annual basis to nearly $6.83 billion during the first eleven months of 2020, down from around $14.49 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 $7.82 billion decrease in imports to around $10.08 billion amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by some $157.30 million drop in exports to nearly $3.25 billion.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $1,026 million (31.58% of Lebanon’s exports). The United States, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $863 million (8.57% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 40.88% ($1,329 million) of total Lebanese exports by November 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($340 million <10.47%>), “machinery; electrical instruments” ($289 million <8.90%>), and “chemical products” ($279 million <8.58%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($2,894 million <28.72%>), trailed by “chemical products” ($1,514 million <15.02%>), “machinery; electrical instruments” ($816 million <8.10%>), and “pearls, precious stones and metals” ($807 million <8.01%>).