On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $1,347.97 million (13.82%) on an annual basis to nearly $8.41 billion during the first seven months of 2022, down from around $9.75 billion during that same period last year, according to statistics published by the Lebanese Customs Administration. Said contraction in the deficit was triggered by some $3.14 billion decrease in imports to $10.50 billion amid the thin access to foreign currencies in the banking system to finance imports’ activity, accompanied by a $1.79 billion drop in exports to just above $2.09 billion.

The U.A.E. led the list of countries importing from Lebanon, with its imports invoice aggregating to $373 million (17.81% of Lebanon’s exports). China, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $1,457 million (13.88% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 19.46% ($407 million) of total Lebanese exports by July 2022, followed by “plastics and articles thereof; rubber” ($336 million <16.06%>), “base metals and their products” ($319 million <15.25%>), and “prepared foodstuffs, beverages, and tobacco” ($226 million <10.81%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($3,032 million <28.88%>), trailed by “machinery; electrical instruments” ($1,321 million <12.58%>), “vehicles, aircraft, vessels, transport equipment” ($1,135 million <10.81%>) and “pearls, precious stones and metals” ($928 million <8.84%>).