On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $117 million (-14.28%) year-on-year in January 2021 to nearly $703 million, down from around $820 million a year before, according to statistics published by the Lebanese Customs Administration. Said contraction in the deficit was triggered by some $217 million decrease in imports to around $937 million amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by some $100 million drop in exports to just above $233 million.

The U.A.E. led the list of countries importing from Lebanon, with its imports invoice aggregating to $44 million (18.73% of Lebanon’s exports). Turkey, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $106 million (11.26% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 23.15% ($54 million) of total Lebanese exports in January 2021, followed by “base metals and their products” ($38 million <16.19%>), “machinery & electrical instruments” ($28 million <11.92%>), and “prepared foodstuffs, beverages, and tobacco” ($24 million <10.18%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($242 million <25.86%>), trailed by “chemical products” ($146 million <15.63%>), “pearls, precious stones and metals” ($82 million <8.74%>), and “botanical products” ($66 million <7.10%>).