Lebanon’s trade deficit shrank by 17 per cent yearly to reach $11 billion by September 2015, according to Lebanese customs.
The smaller deficit came about as imports declined by 15.9 per cent in the first nine months of this year to reach $13.2bn and exports declined by 11 per cent to $2.2bn, reports UAE-based Aliqtisadi.
The decline in imports was a result of the decrease in the euro exchange rate and the decline in oil prices, which dominated the contraction in exports by $267 million to $2.23bn.
China ranked first on the list of countries exporting to Lebanon, with its exports bill amounting to $1.58bn up to September 2015, accounting for 11.96 per cent of the total.
Saudi Arabia topped the list of countries importing from Lebanon, with the imports bill amounting to $275 million, accounting for 12.33 per cent of total Lebanese exports.
($1 = AED3.67, at the time of publishing)