Food exports increase while the overall industrial exports decrease by 5.12%

Lebanese industrial exports have decreased by 5.12% during the first half of 2014 according to the statistics of the Ministry of the Industry.  Indeed, the total value of Lebanese industrial exports fell from some USD 1 billion and 807 millions in 2013 to some USD 1 billion and 581 million during the same period in 2014.  Similarly industrial exports, during the month of June 2014, dropped by 8.10% and reached USD 278.3 million compared to USD 312.2 million in June 2013.  Food exports ranked third of the most important Lebanese exports according to the same source, where USD 46.5 million worth of food products were exported during the month of June 2014 thus recording an increase of USD 1.9 million compared to June 2013. The same official sources noted that Arab countries were the most important destination of Lebanese exports having absorbed some USD 148 million or the equivalent of 53.2% of total industrial exports.  European countries ranked second with 16.3% followed by non-Arab Asian countries (15.4%) and other African countries (10.9%).
The President of the Industrialist Syndicate, Fady Gemayel, commented on this decline by linking it to the precarious security situation prevailing in some countries of the region. He also expected this decline to continue until the end of 2014.  Gemayel reiterated the importance of finding viable new alternatives in order to boost economic dynamic which will enable all economic parties to overcome this phase with as little losses as possible.  He noted that such new alternatives include the identification of new markets, adding that efforts are being extended to explore Russia as well as other potential markets.
Source: Al-Mustaqbal 5 November 2014