On the current account side of the balance of payments, Lebanon’s balance of trade deficit narrowed by $1.03 billion (6.64%) in 2023 to nearly $14.53 billion, down from around $15.56 billion during the previous year, according to statistics published by the Lebanese Customs Administration. Said drop in the deficit was triggered by some $1.53 billion decrease in imports to just below $17.53 billion accompanied by some $496 million decrease in exports to just around $3.00 billion.

The U.A.E. led the list of countries importing from Lebanon, with its imports invoice aggregating to $591 million (19.72% of Lebanon’s exports). China, on the other hand, topped the list of countries exporting to Lebanon, with its exports bill reaching $2.06 billion (11.76% of Lebanon’s imports). This is further elaborated in the tables below:

Exports of “pearls, precious stones and metals” accounted alone for 25.39% ($760 million) of total Lebanese exports in 2023, followed by “base metals and their products” ($429 million <14.32%>), “machinery; electrical instruments” ($387 million <12.93%>), and “prepared foodstuffs; beverages & tobacco” ($377 million <12.58%>). On the other hand, “mineral products” constituted the lion’s share of imported goods ($4,644 million <26.50%>), trailed by “pearls, precious stones and metals” ($2,526 million <14.42%>), “machinery; electrical instruments” ($1,633 million <9.32%>), and “products of the chemical industry” ($1,266 million <7.22%>).