Trade deficit widens

Exports were almost unchanged, while imports grew by 12 percent y-o-y

The stagnation in the exports activity and the rise in oil prices during 2011 have laid a toll on the country’s trade balance.

Figures released by the Higher Customs Council show that exports totaled $4.3 billion during the year, up by a slight 0.3 percent in 2011. Imports grew to $20.2 billion, reflecting a year-on-year increase of 12.2 percent.

In 2010, imports had increased by 22 percent while exports had grown by 10.6 percent from the year before.
The trade deficit thus amounted to almost $16 billion in 2011, up by around 16 percent from the previous year. The export-to-import ratio throughout the year was 21.2 percent, down from 23.6 percent in 2010.

The US topped the list of exporters to Lebanon with almost ten percent of the total, followed by Italy with 9.3 percent, China with around eight percent, and France with 7.5 percent. Imports of consumer products grew by 22.3 percent y-o-y, while those of investment goods were almost unchanged. The import of mineral products (including fuel products) accounted for around 23 percent of the value of total imports. Electrical equipment and products, and jewelry accounted for equal shares of 10.6 percent each.

Switzerland captured the biggest amount, around 12 percent, of Lebanese exports. The UAE was the second biggest recipient of our exports with 7.5 percent, followed by Saudi Arabia with 7.2 percent, Turkey with 6.5 percent, and Syria with five percent.

Jewelry topped the list of exported items in 2011, accounting for 35 percent of total exports. It was followed by metal products, and electrical equipment with practically equal shares of 12.2 percent each.