On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $1.78 billion (17.18%) on an annual basis to nearly $8.58 billion during the first eight months of 2023, down from around $10.36 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 $2.49 billion decrease in imports to just below $10.29 billion coupled with some $708 million drop in exports to just above $1.70 billion.

The U.A.E. led the list of countries importing from Lebanon, with its imports invoice aggregating to $348 million (20.45% of Lebanon’s exports). China, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $1.26 billion (12.25% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 22.44% ($382 million) of total Lebanese exports by August 2023, followed by “base metals and their products” ($260 million <15.28%>), “machinery; electrical instruments” ($227 million <13.34%>), and “prepared foodstuffs; beverages & tobacco” ($222 million <13.05%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($2,691 million <26.17%>), trailed by “pearls, precious stones and metals” ($1,495 million <14.53%>), “machinery; electrical instruments” ($1,028 million <10.00%>), and “products of the chemical industry” ($755 million <7.34%>).