On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $495.32 million (5.71%) on an annual basis to nearly $8.18 billion during the first seven months of 2023, down from around $8.68 billion during the same period last year, according to statistics published by the Lebanese Customs Administration. Said drop in the deficit was triggered by some $1.01 billion decrease in imports to just below $9.80 billion coupled with some $515 million drop in exports to just above $1.61 billion.

The U.A.E. led the list of countries importing from Lebanon, with its imports invoice aggregating to $0.33 billion (20.55% of Lebanon’s exports). China, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $1.20 billion (12.29% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 22.19% ($358 million) of total Lebanese exports by July 2023, followed by “base metals and their products” ($248 million <15.34%>), “machinery; electrical instruments” ($217 million <13.45%>), and “prepared foodstuffs; beverages & tobacco” ($213 million <13.22%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($2,578 million <26.31%>), trailed by “pearls, precious stones and metals” ($1,419 million <14.48%>), “machinery; electrical instruments” ($981 million <10.01%>), and “products of the chemical industry” ($713 million <7.28%>).