Imports of oil derivatives, a proxy of economic activity and one of the constituents of the coincident indicator, fell by 18.52% in December 2023 to 354,509 metric tons (compared to 435,099 metric tons in November), nearing the year-low level of 354,463 metric tons registered in April. It is worth noting, in this perspective, that imports of oil derivatives have been on a downward trend since the month of October, notwithstanding the drop in oil prices from an average of $92.22 per barrel in September to an average of $75.72 per barrel in December. This can be explained by the waning economic activity since the start of the war on Gaza in October and its propagation to Lebanon’s southern borders. Imports of oil derivatives, however, increased by 4.51% in the full year 2023 to 5.16 million metric tons, up from 4.94 million metric tons in 2022, bucking as such a five-year downward trajectory that mimicked the decline in the country’s economic activity. Finally, it is worth noting that notwithstanding the annual increase registered in 2023, imports of oil derivatives booked in 2023 are still ~37% short of the pre-crisis level of 8.09 million metric tons registered in 2018.