On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $7.74 billion (-49.93%) in 2020 to nearly $7.77 billion, down from around $15.51 billion a year before, according to statistics published by the Lebanese Customs Administration. Said contraction in the deficit was triggered by some $7.93 billion decrease in imports to around $11.31 billion amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by some $186.85 million drop in exports to just above $3.54 billion.

Switzerland led the list of countries importing from Lebanon, with its imports invoice aggregating to $1,321 million (37.27% of Lebanon’s exports). Greece, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $1,136 million (10.04% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 50.31% ($1,783 million) of total Lebanese exports in 2020, followed by “prepared foodstuffs, beverages, and tobacco” ($476 million <13.44%>), “machinery & electrical instruments” ($395 million <11.15%>), and “chemical products” ($392 million <11.07%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($4,244 million <37.52%>), trailed by “chemical products” ($2,043 million <18.07%>), “pearls, precious stones and metals” ($1,162 million <10.27%>), and “machinery & electrical instruments” ($1,077 million <9.53%>).