Industrial exports down five percent

Saudi Arabia and UAE combined
absorbed 26.3 percent of local exports

Industrial exports saw a five percent drop year-on-year to $1.54 billion in the first half of 2012. Demand for Lebanese products continues to be influenced by weak economic conditions in Europe, while overland transportation to regional countries is hampered due to turmoil in Syria.

Machinery and mechanical appliances captured 17.1 percent of overall industrial exports, followed by food products and base metals that accounted for 15.3 percent and 12.6 percent of total exports respectively.

Exports of precious or semi-precious stones (excluding gold ingots and uncut diamonds) dropped to just $31.9 million in June this year from $58.3 million in June 2011.

Arab countries remained the major export destination for Lebanese industrial exports taking in 61 percent of local production. Saudi Arabia alone imported 13.5 percent ($34.3 million) and the UAE 12.8 percent ($32.3 million) of Lebanese exports.