Lebanon industrial exports plummet in first seven months

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A cashier counting a bundle of Lebanese pound at the Central Bank of Lebanon. Photo – Executive-Magazine.com

Lebanon’s ministry of industry said on Monday the country’s industrial exports fell 9.5% in the first seven months of 2012 compared to the same period last year.

Industrial exports totaled $1.744 billion compared to $1.927 billion a year earlier, the report disclosed while adding that a decline of over 33% was witnessed in July alone when industrial exports reached $205.3 million, around $102 million lower than the same month last year.

Electric appliances and equipment led industrial exports in July, accounting for $35.3 million followed by metal exports worth $30.5 million. Foodstuff exports reached $29.7 million in the same month.

Gems and precious metals exports registered the biggest decline, falling from $74.5 million in July 2011 to $11.2 in July 2012. Metal crafts also fell from 57.4 million to around $30 million during the same period.

Arab states remain the biggest market for industrial products, accounting for over 58.8% of exports. Non-Arab African states imported 12.9% followed by Asian states, which imported 12%.

Saudi Arabia, Iraq and Syria topped the importers list with 12, 9.6 and 9.4 per cent respectively.

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