13 Hrs
Source:
LBCI Lebanon
Lebanese Trade Deficit Drops in May
According to statistics from the Lebanese Customs Administration, the trade balance deficit showed a significant decrease in May of this year compared to the same month last year, dropping to $1.105 billion from $1.538 billion, a decrease of $433 million, or 28.2%. The decline in imports, which amounted to $408 million (22.4%), resulted from traders doubling their imports in the early months of the year in anticipation of a potential escalation in the conflict with Israel, which could lead to the closure of ports and crossings and halt supply operations. Meanwhile, the value of exports increased by 8.8%, reaching $309 million, due to reduced imports and traders’ stockpiling. However, this decrease in imports reflects the effects of decreased movement driven by fears of escalating tensions and worsening internal crises, which contributed to a notable reduction in the trade deficit in May.
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