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Lebanon's Trade Deficit Declines in May
Lebanese trade deficit significantly decreased in May compared to the same period last year, with a reduction of $433 million, or 28.2%, bringing the deficit to $1.105 billion. This decline is attributed to a 22.4% drop in import bills, which amounted to $1.414 billion instead of $1.822 billion. Meanwhile, exports increased by 8.8%, reaching $309 million compared to $284 million last year. This reversal is due to traders doubling their imports in the early months of the year, driven by fears of escalating Israeli attacks on Lebanon and the closure of ports and crossings. These concerns led to disruptions in supply chains, alongside ongoing political and financial crises, weakened purchasing power, and a decline in visitor numbers to the country.
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