Lebanon’s trade deficit widens by 19 percent

Lebanon’s trade deficit widened 19 percent year-on-year to $11.57 billion during the first eight months of 2012, according to data released by the Customs Department. The value of imports jumped by 14 percent year-on-year to $14.4 billion while exports slid by 2.35 percent to $2.83 billion. The value of Lebanese imports continued to be boosted by the 71 percent annual spike in the value of mineral products to $4.22 billion. The volume of imported mineral products increased by 32 percent to 5.64 million tons in the first eight months of 2012, while international oil prices rose from $88.8 per barrel to $96.5 per barrel between August 2011 and August 2012. The value of imported food products climbed 5.45 percent to $2.19 billion, while their value expanded 7.25 percent to 1.87 million tons. From DailyStar