On the current account side of the balance of payments, Lebanon’s balance of trade deficit widened by $137.40 million (9.62%) on an annual basis to nearly $1.57 billion during the first two months of 2021, up from around $1.43 billion during that same period last year, according to statistics published by the Lebanese Customs Administration. Said increase in the deficit was triggered by some $155 million decrease in imports to around $1.95 billion amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by a larger $293 million drop in exports to around $384 million.

The U.A.E. led the list of countries importing from Lebanon, with its imports invoice aggregating to $73 million (19.02% of Lebanon’s exports). Turkey, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $194 million (9.95% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 26.47% ($102 million) of total Lebanese exports by February 2021, followed by “prepared foodstuffs, beverages, and tobacco” ($55 million <14.26%>), “base metals and their products” ($54 million <14.05%>), and “vegetable products” ($36 million <9.43%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($459 million <23.56%>), trailed by “chemical products” ($303 million <15.53%>), “vegetable products” ($169 million <8.68%>), and “pearls, precious stones and metals” ($160 million <8.23%>).