Lebanon’s industrial exports decline 9.5 % in 1st 7 months

Lebanon’s industrial exports fell 9.5 percent in the first seven months of 2012 compared to the same period last year, a report by the Industry Ministry said. Industrial exports totaled $1.744 billion compared to $1.927 billion a year earlier. Declining over 33 percent in July alone, industrial exports reached $205.3 million, around $102 million lower than the same month last year, the report said. 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. The biggest decline in exports hit gems and precious metals exports, which fell 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 percent of exports. Non-Arab African states imported 12.9 percent followed by Asian states, which imported 12 percent. Saudi Arabia, Iraq and Syria topped the importers list with 12, 9.6 and 9.4 percent respectively. From DailyStar