Scheme for subsidizing maritime exports came too late!

The Head of the Lebanese Shipping Agents Syndicate Hassan Jarudi revealed that some 400 trucks loaded with some 6 thousand tons of products have registered to benefit from the government’s plan to subsidize agricultural sea exports. He pointed out that 90% of funds allocated for that purpose has remained unused while the agricultural season is about to close, blaming that on the delay in implementing the above support mechanism. “The Port of Tripoli is the only harbor well-equipped to accommodate this need, as Beirut Port is already congested,” Jarudi said, pointing to a fall by 10% in global shipping activity due to economic recession on the one hand, and to the slow growth of the Chinese economy on the other, which resulted in the fall of the global cost of maritime shipping. On a related note, the head of the Chamber of Commerce, Industry and Agriculture for Zahleh and Beqaa, Yussef Jiha, estimated the decline in Lebanese industrial exports at 7%, (equivalent to USD1.77 billion) until the end of last July. Regarding exports from the Beqaa which are mostly foodstuffs, such as dairy products, Jiha indicated a drop of 21% (i.e. by USD 65 million). (L’Orient Le Jour, Al Mustaqbal, October 4, 5, 2015)