Content. Introduction. Part I: The Lebanese Macroeconomy. 1. Gross Domestic Product. 2. Monetary Situation. 3. Banking Sector. 4. Balance of Payments

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2 Content Introduction Part I: The Lebanese Macroeconomy 1. Gross Domestic Product 2. Monetary Situation 3. Banking Sector 4. Balance of Payments 5. Public Finance 6. Financial Markets 7. Foreign Trade 8. Consumer Price Index Part II: Major Economic Activities 2

3 Introduction GDP growth rate was estimated at 2% in 2014, and is expected to slightly increase to 2.2% in Lebanon has been affected by the ongoing Syrian crisis and unstable security in the region. These issues, in addition to political unrest, have affe ted the ou try s e o o i a ti ity i. This was revealed in the low and diminishing rates of some major economic indicators. The settlement of Syrian refugees has also inflicted an additional burden on the economic situation, whether on the services sector (water, electricity, transportation) or on the price level, which was affected by the growing demand on goods and housing. Due to the increase in government revenues over expenditure, the budget deficit-to-gdp ratio decreased from 10.3% in to 7.4% in Moreover, the debtto-gdp ratio increased from 135% to 139% between and The government s expenditure-to-gdp ratio decreased from 34.2% in to 33.5% in However, the revenues-to-gdp ratio grew from 23% in to 26.2% in The Lebanese banking sector again proved to be strongly resistant to the surrounding political and economic turmoil. This is due to the se tor s high redi ility among depositors and investors. The se tor s total assets i reased by 6.6% and deposits increased by 6.1% in Furthermore, loans to the private sector increased by 7.4% and foreign deposits steadily improved by 2.2% during Nevertheless, tourism activity improved by 6.3% based on the total number of visiting tourists in 2014 and the total number of arriving and departing passengers increased by 4.8%. Moreover, the number of containers accessing Beirut port during 2014 increased by 15% and construction permits also rose by 4.8%. 3

4 Part I The Lebanese Macroeconomy 4

5 1. Gross Domestic Product Economic growth rate was close to 2% in 2014, which raised real GDP up to around 41.6 billion USD compared to 40.8 billion USD in. The debt-to-nominal GDP ratio was estimated at 139%, higher than the ratio due to the significant increase in debt and the minor change in nominal GDP. ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ Nominal GDP (Billion..... Real GDP, 2010 Fixed (Billion Growth Rate (%) Change in Prices (%) Inflation (%) Public Debt (Billion Debt / Real GDP (%) % % % % % Debt / Nominal GDP (%) 137% 134% 131% 135% 139% Source: Central Administration of Statistics, Prepared by Chamber of Beirut & Mount Lebanon Capital Inflows: The value of capital inflows decreased from 16.2 billion USD in to 15.8 billion USD in 2014, which represents a drop of 2.5%. Notably, these inflows nearly reached 17 billion USD in

6 Capital inflows include transfers from abroad, in addition to the increase in the value of foreign assets, and foreign direct investment Capital Inflows Balance of Payments Trade Deficit Source: Lebanese Central Bank, Customs - Prepared by Chamber of Beirut & Mount Lebanon Transfers from Abroad: The World Bank estimated transfers from abroad at 7.7 billion USD in 2014, a rise of 1.3% from 7.6 billion USD in. The value of transfers from abroad reached around 6.9 billion USD in 2011 and The foreign transfers-to-gdp ratio was equal to 16.1% in and This ratio was equal to 17.2% in 2011 and 15.6% in

7 2. Monetary Situation In 2014, money supply increased according to the following rates: M1: 8.9% M2: 6.8% M3: 5.9% M4: 6.2% M1 (billion LBP) M2 (billion LBP) M3 (billion LBP) M4 (billion LBP) Foreign currency in M3 (%) Source: Lebanese Central Bank - Prepared by Chamber of Beirut & Mount Lebanon The reasons behind these changes are the increase in money transactions by 7%, the increase in LBP demand deposits (10.5%) and other LBP deposits (6.5%), and the slight increase in foreign currency deposits (5.3%), which led to a drop in the foreign currencies proportion of the M3 to 58.6%, down from 59% in. Other reasons for the change in money supply include the increase in the central bank deposits of private banks by 19.4%, and the change in foreign currency assets and gold reserves by +2.2% and -1.4% respectively. 7

8 (Billion Foreign Assets Gold Foreign Currencies Change (%) Source: Lebanese Central Bank - Prepared by Chamber of Beirut & Mount Lebanon 8

9 3. Banking Sector Ba ks group Alpha it essed a. % i rease in profits, which reached 1.9 billion USD in This increase in profits came despite a difficult environment due to the weak economic growth and surrounding conflicts. By the end of 2014, total assets in the banking sector summed up to billion USD, of which 57.4% were loans and central bank deposits. Deposits in Lebanese banks were equal to 63.5 billion USD by the end of Around 19.2 billion USD was the value of excess liquidity among private banks. Despite these inflows, the banking sector held high liquidity and avoided insurance risks. Banks have avoided raising private sector loans, in accordance with the increasing deposits. By the end of 2014, deposits reached billion USD, whilst loans to the private sector reached 50.9 billion USD and loans to the public sector summed up to 37.4 billion USD. The private loans-to-deposits ratio was equal to 34.5%, while the public loans-to-deposits ratio was 25.3%. (Billion Total Assets Total Deposits Private Sector Loans Ratio to Deposits (%) 32.1% 33.5% 34.1% 34.3% 34.5% % 24.8% 24.4% 26.3% 25.3% Public Sector Loans Ratio to Deposits (%) Source: Lebanese Central Bank, Association of Banks in Lebanon - Prepared by Chamber of Beirut & Mount Lebanon 9

10 Loans were distributed among different sectors according to the following figures: Trade and services: 34.3% Individual: 28.5% Construction: 16.8% Industrial: 11.1% Financial Intermediaries: 5.6% Agriculture: 1.2% Others: 2.6% Following an increase of 8.5% in, the a ki g se tor s total assets increased by 6.6% in Distribution of Loans (Billion LBP) Sep Trade & Services Construction Industry Individuals Financial Institutions Agriculture Others Total Housing Loans Source: Lebanese Central Bank, Association of Banks in Lebanon - Prepared by Chamber of Beirut & Mount Lebanon 10

11 Banking activity was characterized by: An increase in total deposits by 6.1% A 7.4% increase in private sector loans. A 0.9% drop in loans to the public sector. An increase in bank reserves by 3.6%. An increase in the interest rate on LBP deposits from 5.44% in to 5.56% in 2014, and on LBP loans from 7.29% to 7.49%. An increase in the interest rate on USD deposits from 2.95% in to 3.07% in 2014, and on USD loans from 6.88% to 6.97%. Subsidized Loans The value of subsidized loans reached trillion LBP during the period These loans include: Medium and long-period loans (6.585 trillion LBP) Kafalat loans (1.884 trillion LBP) European Investment Bank loans (204 billion LBP) Leasing loans (189 billion LBP) 11

12 International Finance Corporation loans (80 billion LBP) Operating capital loans (16 billion LBP) French Development Agency (AFD) loans (7 billion 12

13 4. Balance of Payments Le a o s ala e of pay e ts posted a defi it of. illio U D i, compared to a deficit of billion USD the previous year; an increase of 24.8%. In the period between 2000 and 2010, the Central Bank of Lebanon recorded a rise in net foreign assets amounting to 8.7 billion USD in 2009, while banks also recorded 2.9 billion USD of net foreign assets in Change in Foreign Assets (Million Central Bank Banks Total Source: Lebanese Central Bank - Prepared by Chamber of Beirut & Mount Lebanon 13

14 5. Public Budget Public Debt Le a o s pu li de t rea hed. illio U D i,. % up fro. billion USD in. The local currency debt formed 62% of public debt in 2014 (59% in ), versus a 38% foreign currency debt (41% in ). If we exclude public sector assets, the net debt would be equal to 57.3 billion USD for 2014, which an increase from 53.2 billion USD in. s in Billion USD Domestic Debt % 61% 58% 59% 62% % 39% 42% 41% 38% Proportion (%) Foreign Debt Proportion (%) Total Debt Source: Ministry of Finance - Prepared by Chamber of Beirut & Mount Lebanon Public debt service reached 4.2 billion USD in 2014, a boost o f 10.5% from. This increase in public debt and public debt service led to an increase in the interest rate applied on the Lebanese public debt. Public Finance Total government spending reached trillion LBP in 2014, compared to trillion LBP in. On the other hand, public revenues reached 16.4 trillion LBP, an increase from 14.2 trillion LBP in. Thus, the deficit was equal to trillion LBP in 2014, a decrease from trillion LBP in. The debt service-to-spending ratio increased from 27.8% in to 30% in 2014, while the debt service-to-revenues ratio decreased from 40.2% in to 38.5% in

15 Public Finance (Billion LBP) Public Expenditure Public Revenue Budget Deficit % -20.1% -29.5% -30.9% -22.0% to-expenditure (%) 34.6% 32.1% 27.2% 27.8% 30.0% to-revenue (%) 46.5% 40.2% 38.5% 40.2% 38.5% Foreign Debt Principal Repayment Primary Surplus/Deficit Proportion (%) Debt Service Source: Ministry of Finance - Prepared by Chamber of Beirut & Mount Lebanon 15

16 Tax Revenues Tax revenues reached trillion LBP in 2014, an increase of 2.7% from trillion LBP in. These revenues formed 70% of public revenues compared to 76% in. On the other hand, non-tax revenues increased by 33.2% from trillion LBP in to trillion LBP in Non-tax revenues formed around 30% of total revenues in Public Revenues (Billion LBP) % 2014 % Total Revenues 13, % 14, % Tax Revenues 10,116 76% 10,388 70% Customs 2,158 21% 2,042 20% -Added 3,296 33% 3,302 32% Others 4,662 46% 5,044 49% 3,269 24% 4,354 30% 2,156 66% 3,034 70% Non-tax Revenues Communications Revenues Source: Ministry of Finance - Prepared by Chamber of Beirut & Mount Lebanon 16

17 6. Financial Markets Political and security events in the Middle East have badly affected many Arab countries including Lebanon. These circumstances weakened the Lebanese economic and financial situation between 2011 and. However, the performance of Beirut Stock Exchange improved throughout The volume of traded stocks increased by 88.3%, from 51.4 million stocks in to 96.8 million in Whereas, the value of these traded stocks rose by 76.2%, from million USD to million USD between and Solidere A and Solidere B stocks formed around 16.7% of market capitalization in 2014, while banking sector stocks formed a majority of 80.1%. Other stocks accounted for 3.3% and were divided between the industrial and trade sectors. Moreover, the value of traded stocks was divided as follows: Development and Construction 13.7%, Banking 86.1 %, Industrial 0.1%, and Trade 0.1%. 17

18 Volume of traded shares (Million Shares) of traded shares (Million Market Capitalization (Million Source: Beirut Stock Exchange - Prepared by Chamber of Beirut & Mount Lebanon Distribution of Shares in 2014 Volume of traded shares (Million Shares) of traded shares (Million Market Capitalization (Million Construction & Development Banking Industrial Trade Total Source: Beirut Stock Exchange - Prepared by Chamber of Beirut & Mount Lebanon The value of traded stocks in 2014 formed 6% of market capitalization, an increase from recent levels: 4% in 2012 and, and 5% in

19 7. Foreign Trade In 2014, Lebanese imports were equal to billion USD, while exports reached billion USD. This generated a deficit of around billion USD in the trade balance, a 3% increase compared to the 2012 trade deficit, which was equal to billion USD. The value of imports dropped by 3.5% between and At the same time, total exports decreased by 15.8%. Accordingly, the exports-to-imports percentage dropped from 18.5% in to 16.2% in Trade Balance between 2010 and Exports Imports Trade Balance Exports to (Million (Million (Million Imports)%( ,253 17,964-13, % ,265 20,158-15, % ,483 21,280-16, % 3,936 21,228-17, % ,313 20,494-17, %

20 Saudi Arabia led the list of Lebanese exports destinations in 2014, receiving around 11% of total exports. The UAE was another major exports destination (10%), followed by South Africa (9%), Iraq (8%), and Syria (7%). These countries combined received 45% of Lebanese exports. Lebanese Exports Destinations in 2014 Raking Country Percent of Total (%) 1 Saudi Arabia 377, ,301 11% 2 UAE 319, ,236 10% 3 South Africa 297, % 4 Iraq 255, ,873 8% 5 Syria 242, ,467 7% 6 Turkey 144, ,852 4% 7 Jordan 129, ,987 4% 8 Qatar 93,474 55,775 3% 9 Switzerland 86, % 10 Egypt 83, ,313 3% Other Countries 1,281, ,202 38% Total 3,312,855 2,236, % Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 20

21 On the other hand, China led the list of major sources of Lebanese imports (12%), followed by Italy (8%), France (6%), Germany (6%) and USA (6%). Lebanon received 38% of its imports from these 5 countries. Sources of Lebanese Imports in 2014 Ranking Country (1000 kg) Percent of Total (%) 1 China 2,483,895 1,657,593 12% 2 Italy 1,644,650 1,072,201 8% 3 France 1,274, ,995 6% 4 Germany 1,256, ,879 6% 5 USA 1,226, ,227 6% 6 Russia 887,304 1,363,207 4% 7 Greece 816,312 1,121,335 4% 8 Turkey 705, ,117 3% 9 Belgium 604, ,308 3% 10 United Kingdom 537, ,912 3% Other Countries 9,056,187 7,058,828 45% 20,493,725 15,451, % Total Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon The imports of mineral fuels and their derivatives constituted about 23% of total Lebanese imports in 2014, a slight decrease from 24% in. Cars and vehicles accounted for 7% of total imports. Other imports such as machinery and appliances, pharmaceutical products and jewelry formed 6%, 6%, and 5% respectively. 21

22 Jewelry formed the major Lebanese export item in It made up 16% of total exports, while machinery and appliances accounted for 7%, which also applied to electronics. Other exports include plastic and derivatives, fruits and vegetables, and printed items, where each made up 4% of exports. Classification of Major Lebanese Imports in 2014 Customs Chapter Major Lebanese Imports Proportion (%) 27 Mineral Fuels and derivatives 4,747,161 5,670,024 23% 87 Cars and Vehicles 1,473, ,458 7% 84 Machinery and Mechanical Appliances 1,266, ,864 6% 30 Pharmaceutical Products 1,140,898 9,827 6% 71 Jewelry 975,850 1,283 5% 85 Electronics 921,791 80,543 4% 72 Iron and Steel 813,665 1,390,176 4% 39 Plastics and articles thereof 695, ,479 3% 4 Dairy Produce and Honey 401,949 85,064 2% 1 Live Animals 367, ,849 2% Products Other 7,690,237 7,400,035 38% Total 20,493,725 15,451, % Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 22

23 Classification of Major Lebanese Exports in 2014 Customs Chapter Major Lebanese Exports Proportion )%( 71 Jewelry 541, % 84 Machinery and Mechanical Appliances 223,376 40,477 7% 85 Electronics 221,770 25,168 7% 39 Plastics and articles thereof 130,593 49,997 4% 20 Preparations of vegetables and fruit 127,738 65,817 4% 49 Printed books, newspapers, etc 124,524 52,784 4% 33 Essential oils and resinoids 115,071 18,949 3% 22 Beverages, spirits and vinegar 101, ,893 3% 74 Copper and articles thereof. 99,688 18,556 3% 72 Iron and steel. 99, ,551 3% Other goods 1,527,490 1,587,727 46% Total 3,312,855 2,236, % Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 23

24 Concerning regional proportions, Arab countries received around 52.4% of total Lebanese exports in 2014 while African (non-arab), European Union and Asian (nonarab) countries received 19.6%, 11.1% and 8.9% respectively. On the other hand, 42.4% of Lebanese imports came from the European Union, while 25.3% of total imports were acquired from Asian (non-arab) countries. Arab countries and North American countries were responsible for 10.8% and 6.1% of total imports respectively. Trade Distribution among Regions in 2014 Region Exports Proportion (%) Imports Proportion (%) 366,958 %. 8,687,127 %. Arab countries 1,735,285 %. 2,220,032 %. Asian countries 294,132 %. 5,194,761 %. Other European countries, %., Former Soviet Union countries, %. African countries, % North American countries, %. Central and South American countries, %., %. South Pacific countries, %., %. Other countries, %., %. European Union countries Total,, %,,, %. %.,, Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 24,.. %., %. %.

25 8. Consumer Price Index A. Central Administration of Statistics By the end of 2014, the CPI (Consumer Price Index) had dropped 0.71% compared to. The Central Administration of Statistics modified the weights in based on an expanded study on the Lebanese consumer basket and prices. CPI Levels Yearly Change (%) December 2014 December s ϮϬϭϯ Food and Beverages 1.29% Alcoholic Beverages and Tobacco 10.69% Clothing and Footwear 19.19% Housing 4.25% Water, gas, and electricity -8.92% Furniture 1.53% Health -0.03% Transport -8.46% Communication % Recreation and Culture 2.10% Education 4.55% Restaurants and Hotels 3.32% Other goods and services 1.67% % Source: Central Administration of Statistics - Prepared by Chamber of Beirut & Mount Lebanon 25

26 B. Center for Research and Consulting CPI increased by 2.04% between December 2012 and December, according to the Center for Research and Consulting. The index is based on 9 indicators (% change in 2014): 26 Clothing and Footwear, % Housing, -5.86% Transport and Communication, -3.98% Health, -3.19% Foods and Beverages, -3.03% Durable goods, -0.35% Education, 8.58% Miscellaneous goods & services, 0% (Stable) Other goods and services, 0.11%

27 December 2014 (%) s Food and Beverages -3.03% 35.40% Clothes and Footwear -8.94% 6.55% Housing -5.86% 6.49% Durable goods -0.35% 8.18% Healthcare -3.19% 9.82% Transportation and Communications -3.98% 14.39% Education 8.58% 12.45% Recreation 0.00% 2.70% Other goods and services 0.11% 4.02% CPI Levels -1.66% % Source: Center for Research and Consulting - Prepared by Chamber of Beirut & Mount Lebanon 27

28 Part II Major Economic Activities 28

29 Major Economic Activities Based on Exports of 2014 Total output in the industrial sector was estimated at 6.8 billion USD and the added value at 2.6 billion USD. Hence, the added value-to-output ratio was 38%, whereas the average output-per-worker was 82.1 thousand USD per year. Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon Small-sized establishments which employ less than 10 employees form the majority of industrial firms with 51.6% of total firms, while occupying 16.6% of total labor. Moreover, 41.3% of firms employ between 10 and 50 workers and 38.1% of the labor force. Medium-sized establishments which employ between 50 and 99 employees form 4.1% of total firms and are occupied by 13.5% of the labor force. 29

30 Establishment Size Very Small Small Medium Large Less than 10 employees employees employees More than 100 employees 2,081 1, , % 41.3% 4.1% 3.0% 100% 13,756 31,598 11,153 26,336 82, % 38.1% 13.5% 31.8% 100% Number of Establishments Proportion (%) Number of employees Proportion (%) Total The food and beverages activity ranked first in terms of the number of establishments (18.2%), workforce (24.9%), output (25.7%), and added value (26.9%). Five major productions, including food and beverages products, constituted around 67.3% of establishments, 62.7% of the workforce, 65.6% of total output, and 67.3% of the value-added. The major industrial exports for 2014 are listed in the following table. Customs Chapter Major Industrial Exports % Food and beverages % Chemical products % Metals % 84 Machinery and equipment % 85 Electrical equipment % 71 Jewelry % 39 Plastics and articles thereof % 49 Books and printed Material % 94 Furniture % 48 Paper and paperboard % Other products % Total % - Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 30

31 1. Food Preparations and Beverages Preparations of fruits and vegetables are listed between chapters 15 and 24 in the customs list of products. These items include: fats, oils, animal and vegetable waxes, in addition to meat and fish Food Preperations and Beverages Production: Proportion to Industry preparations, fruits and vegetables preparations, 27.00% beverages, and tobacco. Food 26.00% preparations and beverages are major Lebanese products. Output exceeds 1.7 billion. Firms engaged in foods 25.00% 24.00% Output Input -Added preparations and beverages production form around 18.2% of total establishments, while labor employed in this activity forms 25% of total labor. Output and value-added form 25.7% and 26.3% respectively of total industrial output and value-added. Food Preparations and Beverages Firms Total Firms Percentage (%) 31 # of Employees Output Input -Added -Added / Output (%) 20,604 1,748,453 1,060, ,748 39% 82, % 6,800, % 4,187, % 2,613, % 38%

32 The value of food preparations and beverages exports rose from million USD in 2010 to 548 million USD in These exports formed around 8.2% of total Lebanese exports in 2010, while this figure doubled to 16.5% by The value of imports also rose from million USD to million USD between 2010 and These imports formed around 7.8% of total imports in an increase from 7.1% in Trade Exchange: Food Preparations and Beverages Exports (Million Imports % (Million % % % % % % % % % % % Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 1- Preparations of Fruits and Vegetables A. Firms: The number of firms engaged in preparations of fruits and vegetables production is 70 establishments which are occupied 3009 employees. Output was estimated at million USD. The value of input was million USD, whereas the value-added was around 74.0 million USD. Hence, the value added-to-output ratio was equal to 37%. 32

33 B. Exports: In 2010, preparations of fruits and vegetables exports were equal to 97 million USD. This value increased to 127 million USD in The weight of these exports increased from 58,269 tons in 2010 to 65,817 tons in Hence, the average price-per-ton of exports increased from 1,664 USD in 2010 to 1,941 USD. Saudi Arabia ranked first among preparations of fruits and vegetables exports destinations in 2014 with 22% of exports, while Syria ranked second with 13%. Other countries include Iraq (10%), USA (7%) and UAE (5%). C. Imports: The value of preparations of fruits and vegetables imports was equal to 62.6 million USD in This value increased to 88.6 million USD in The weight of these imports increased from 48,402 tons in 2010 to 60,473 tons in Accordingly, the average price-per-ton of imports increased from 1,293 USD to 1,465 USD. Around 19% of fruits and vegetables preparations imports are sourced from China. Other sources include Thailand (10%), Saudi Arabia (9%), France (6%), and Egypt (6%). Trade Exchange for Chapter 20: Fruit and Vegetable Preparations Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 33

34 2- Spices A. Firms: The number of firms engaged in spices production is 32 establishments which are occupied by 586 employees. Output was estimated at million USD. The value of input was million USD, whereas the value-added was around 33.6 million USD. Hence, the value added-to-output ratio was equal to 18%. B. Exports: In 2010, spices exports were equal to 3.8 million USD. This value increased to 8.7 million USD in The weight of these exports increased from 874 tons in 2010 to 1,563 tons in Hence, the average price-per-ton of exports increased from 4,312 USD in 2010 to 5,552 USD in Sweden ranked first among spices exports destinations in 2014 with 13% of exports, while the United Kindgom ranked second with 8%. Other countries include Saudi Arabia (7%), USA (7%) and Germany (6%). C. Imports: The value of spices imports was equal to 5.7 million USD in This value increased to 11.1 million USD in The weight of these imports increased from 2,357 tons in 2010 to 4,428 tons in Accordingly, the average price-per-ton of imports increased from 2,438 USD to 2,518 USD. Around 19% of spices imports are sourced from Guatemala. Other sources include Vietnam (16%), China (15%), Syria (10%), and India (9%). 34

35 Trade Exchange for Chapter 9: Spices Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 3- Beverages Beverages production includes the production of alcoholic drinks, wine, canned drinks, and water. A total of 42 establishments are involved in beverages production, occupied by 2498 employees. Total output was equal to 413 million USD, whereas the value of input reached million USD. The value added was equal to million USD, equivalent to 57% of output. Trade Exchange for Chapter 22: Beverages Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 35

36 a. Wine Firms: The number of firms engaged in wine production is 15 establishments which are occupied by 549 employees. Output was estimated at 49.9 million USD. The value of input was 12 million USD, whereas the value-added was around 37.8 million USD. Hence, the value added-to-output ratio was equal to 76%. Exports: In 2010, wine exports were equal to 12.4 million USD. This value increased to 16.6 million USD in The weight of these exports increased from 2,092 tons in 2010 to 2,229 tons in Hence, the average price-per-ton of exports increased from 5,914 USD in 2010 to 7,435 USD in The United Kingdom ranked first among wine exports destinations in 2014 with 31% of exports, while France ranked second with 15%. Other countries include USA (11%), UAE (8%) and Canada (5%). Imports: The value of wine imports was equal to 12.6 million USD in This value remained unchanged in The weight of these imports decreased from 1,138 tons in 2010 to 1,103 tons in Accordingly, the average price-per-ton of imports increased from 11,033 USD to 11,468 USD. Around 83% of wine imports are sourced from France. Other sources include Italy (9%), Spain (2%), and Syria (1%). 36

37 Trade Exchange for Chapter 22-4: Wine Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 37

38 2. Chemical Products Chemical products are listed between chapters 28 and 38 on the Lebanese Customs National Tariff list of products. These include: organic and inorganic chemicals, pharmaceutical products, fertilizers, tanning extracts, essential oils, soap, explosives, 8.00% 7.80% 7.60% 7.40% 7.20% 7.00% Output and other diverse products. Chemical Products Firms Total Firms Percentage (%) Chemical Products Production: Proportion to Industry Input -Added # of Employees Output Input -Added -Added / Output (%) % % % % % 38% The number of firms engaged in chemical production is 193 establishments. Output was estimated at million USD while input reached million USD. The valueadded was equal to million USD, which formed around 38% of output. Chemical products exports Chemical Products Trade Exchange increased from 310 million USD These exports formed around 12% of total Lebanese exports, an increase from 7% in Million USD in 2010 to million USD in Exports Imports

39 Chemical products imports increased from 1.55 billion USD in 2010 to 2.11 billion USD in These imports formed around 10% of total Lebanese imports, a slight increase from 9% in Trade Exchange for Section 6: Chemical Products Exports Imports ( ( % % % % % % % % % % Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 39

40 1- Essential oils and cosmetic preparations A. Firms The number of firms engaged in the production of essential oils and cosmetic preparations is 65 establishments, which are occupied 1615 employees. The output value reached million USD. The value of input was 69.3 million USD, whereas the value-added was around 46.6 million USD. Hence, the value added-to-output ratio was equal to 40%. B. Exports: In 2010, essential oils and cosmetics exports were equal to 58.7 million USD. This value increased to million USD in The weight of these exports increased from 12,145 tons in 2010 to 18,949 tons in Hence, the average price-per-ton of exports increased from 4,834 USD in 2010 to 6,070 USD in Iraq ranked first among essential oils and cosmetics exports destinations in 2014 with 27% of exports, while UAE ranked second with 24%. Other countries include Jordan (15%), Saudi Arabia (11%) and Qatar (3%). C. Imports: The value of essential oils and cosmetics imports was equal to million USD in This value increased to million USD in The weight of these imports increased from 18,278 tons in 2010 to 21,971 tons in Accordingly, the average price-per-ton of imports increased from 8,712 USD to 10,610 USD. Around 29% of essential oils and cosmetics imports are sourced from France. Other sources include Germany (11%), Saudi Arabia (7%), USA (7%), and Italy (6%). 40

41 Trade Exchange for Chapter 33: Essential Oils and Cosmetics Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 2- Fertilizers A. Firms The number of firms engaged in the production of fertilizer products is 4 establishments, which are occupied by 228 employees. The output value reached million USD. The value of input was 75.4 million USD, whereas the valueadded was around 50.9 million USD. Hence, the value added-to-output ratio was equal to 40%. B. Exports: In 2010, fertilizers exports were equal to 98.5 million USD. This value decreased to 72.6 million USD in The weight of these exports increased from 276,649 tons in 2010 to 209,822 tons in Hence, the average price-per-ton of exports decreased from 356 USD in 2010 to 346 USD in Bangladesh ranked first among fertilizers exports destinations in 2014 with 36% of exports, while France ranked second with 18%. Other countries include Brazil (13%), Italy (11%) and Turkey (7%). 41

42 C. Imports: Around 16% of fertilizers imports are sourced from Italy. Other sources include Russia (11%), Belgium (10%), Netherlands (8%), and Turkey (6%). Trade Exchange for Chapter 31: Fertilizers Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 3- Pharmaceutical Products A. Firms: The number of firms engaged in pharmaceutical products production is 13 establishments, which are occupied 726 employees. The output value reached 52.1 million USD. The value of input was 15.1 million USD, whereas the value-added was around 29.6 million USD. Hence, the value added-to-output ratio was equal to 57%. B. Exports: In 2010, pharmaceutical products exports were equal to 16.8 million USD. This value increased to 38.2 million USD in The weight of these exports slightly 42

43 decreased from 937 tons in 2010 to 936 tons in Hence, the average price-perton of exports increased from 17,941 USD in 2010 to 40,828 USD in Saudi Arabia ranked first among pharmaceutical products exports destinations in 2014 with 21% of exports, while Iraq ranked second with 15%. Other countries include Jordan (15%), UAE (13%) and Kuwait (7%). C. Imports: The value of pharmaceutical products imports was equal to million USD in This value increased to billion USD in The weight of these imports increased from 8,331 tons in 2010 to 9,827 tons in Accordingly, the average price-per-ton of imports decreased from 103,164 USD to 116,098 USD. Around 16% of pharmaceutical products imports are sourced from Germany. Other sources include France (13%), USA (10%), Switzerland (9%), and Italy (8%). Trade Exchange for Chapter 30: Pharmaceuticals Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 43

44 3. Iron, Steel and other Metals production The number of firms engaged in metals production is 568 establishments which are occupied by 8863 employees. Output was estimated at 834 million USD. The value of input was 588 million USD, whereas the value-added was around 246 million USD. Hence, the value added-to-output ratio was equal to 29%. Metals (Steel, Iron, and other Derivatives) Firms Total Firms Percentage (%) # of Employees Output Input Added Added / Output (%) % % % % 0.38 Trade Exchange for Section 15: Metals and derivatives Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 44

45 1- Copper: A. Exports: In 2010, copper exports were equal to million USD. This value decreased to 99.7 million USD in The weight of these exports increased from 17,667 tons in 2010 to 18,556 tons in Hence, the average price-per-ton of exports decreased from 5,808 USD in 2010 to 5,372 USD. South Korea ranked first among copper exports destinations in 2014 with 32% of exports, while UAE ranked second with 20%. Other countries include Japan (13%), Greece (10%) and China (6%). B. Imports: The value of copper imports was equal to million USD in This value decreased to million USD in The weight of these imports increased from 13,963 tons in 2010 to 14,497 tons in Accordingly, the average price-per-ton of imports decreased from 7,854 USD to 7,508 USD. Around 35% of copper imports are sourced from Egypt. Other sources include Russia (25%), France (10%), Turkey (8%), and China (6%). Trade Exchange for Chapter 74: Copper Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 45

46 2- Iron and Steel: A. Exports: In 2010, iron and steel exports were equal to million USD. This value decreased to 99.2 million USD in The weight of these exports increased from 527,238 tons in 2010 to 266,551 tons in Hence, the average price-per-ton of exports increased from 357 USD in 2010 to 372 USD. Turkey ranked first among iron and steel exports destinations in 2014 with 82% of exports, while Syria ranked second with 4%. Other countries include Egypt (3%), Qatar (1%) and Netherlands (1%). B. Imports: The value of iron and steel imports increased by 18% between 2010 and Moreover, the weight of these imports increased by 20% between 2010 and The average price-per-ton of imports decreased from 591 USD to 585 USD. Trade Exchange for Chapter 72: Iron and Steel Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon Around 64% of iron and steel imports are sourced from China. Other sources include Ukraine (13%), Turkey (8%), Russia (2%), and Taiwan (2%). 46

47 3- Aluminum: A. Exports: In 2010, aluminum exports were equal to 65.3 million USD. This value increased to 72.5 million USD in The weight of these exports increased from 22,538 tons in 2010 to 29,956 tons in Hence, the average price-per-ton of exports decreased from 2,897 USD in 2010 to 2,419 USD. South Korea ranked first among aluminum exports destinations in 2014 with 16% of exports, while India ranked second with 15%. Other countries include Saudi Arabia (8%), Congo (6%) and Netherlands (5%). B. Imports: The value of aluminum imports increased by 37.9% between 2010 and Moreover, the weight of these imports increased by 22.2%. The average price-per-ton of imports increased from 3,331 USD to 3,759 USD. Around 39% of aluminum imports are sourced from the UAE. Other sources include Jordan (15%), China (9%), Italy (8%), and Egypt (5%). Trade Exchange for Chapter 76: Aluminum Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 47

48 4. Machinery and Equipment A. Firms: The number of firms engaged in machinery and equipment production is 105 establishments which occupy 2122 employees. Output was estimated at million USD. The value of input was million USD, whereas the 4.00% Machinery and Equipment Production: Proportion to Industry value-added was around % million USD. Hence, the value 3.00% added-to-output ratio was 2.50% equal to 30.9%. 2.00% Output Machinery and Equipment Firms Total Firms Percentage (%) Input -Added # of Employees Output Input -Added -Added / Output (%) % % % % % 38% B. Exports: In 2010, machinery and equipment exports were equal to 365 million USD. This value decreased to million USD in The weight of these decreased from 43,485 tons in 2010 to 40,477 tons in Hence, the average price-per-ton of exports dropped from 8,393 USD in 2010 to 5,519 USD. Iraq ranked first among machinery and equipment exports destinations in 2014 with 17% of exports, while Saudi Arabia ranked second with 12%. Other countries include UAE (6%), Egypt (6%) and Germany (6%). 48

49 C. Imports: The value of machinery and equipment imports was equal to billion USD in This value decreased to billion USD in The weight of these imports decreased from 197,197 tons in 2010 to 148,864 tons in Accordingly, the average price-per-ton of imports increased from 6,834 USD to 1600 Machinery & Equipment Trade Exchange Million USD 8,505 USD. Around 26% of machinery and equipment imports are sourced from China. Other Exports Imports sources include USA (11%), Italy (11%), Germany (11%), and the United Kingdom (7%). Trade Exchange for Chapter 84: Machinery and Equipment Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 49

50 5. Electrical and Machinery Apparatus A. Firms: The number of firms engaged in electrical and machinery apparatus production is 83 establishments which occupy 3182 employees. Output was estimated at million USD. The value of input was million USD, whereas 12.00% the value-added was around Electrical Machinery Production: Proportion to Industry 11.00% million USD. Hence, 10.00% the value added-to-output 9.00% ratio was equal to 31%. 8.00% Output Electrical Machinery Firms Total Firms Percentage (%) Input -Added # of Employees Output Input -Added -Added / Output (%) % % % % % 38% B. Exports: In 2010, electrical and machinery exports were equal to million USD. This value decreased to million USD in The weight of these exports decreased from 28,781 tons in 2010 to 25,168 tons in Hence, the average price-per-ton of exports dropped from 13,093 USD in 2010 to 8,812 USD. Saudi Arabia ranked first among electrical and machinery exports destinations in 2014 with 14% of exports, while Iraq ranked second with 12%. Other countries include Nigeria (10%), Syria (9%) and UAE (8%). C. Imports: 50

51 The value of electrical and machinery imports was equal to million USD in This value increased to million USD in The weight of these imports increased from 74,615 tons in 2010 to 80,543 tons in Accordingly, the average price-per-ton of imports Electrical Machinery Trade Exchange increased from 11,011 USD to ,445 USD. Around 36% of electrical and machinery imports are sourced Million USD from China. Other sources 0 Exports Imports include Germany (7%), Italy (7%), United Kingdom (7%), and Republic of Korea (6%). Trade Exchange for Chapter 85: Electrical Machinery Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 51

52 6. Jewelry A. Firms: The number of firms engaged in jewelry production Jewelry Production: Proportion to Industry 2.55% is 66 establishments which 2.50% occupy 1167 employees. 2.45% Output was estimated at million USD. The value 2.40% 2.35% 2.30% Output of input was 99.8 million USD, Input -Added whereas the value-added was around 66 million USD. Hence, the value added-to-output ratio was equal to 40%. Jewelry Firms Total Firms Percentage (%) # of Employees Output Input -Added -Added / Output (%) % % % % 40% 38% B. Exports: In 2010, jewelry exports were equal to billion USD. This value increased to billion USD in 2012 before dropping down to million USD in The weight of these exports decreased from 133 tons in 2010 to 60 tons in, but then it increased to 85 tons in Hence, the average price-per-ton of exports rose from 8.3 million USD in 2010 to 14.3 million USD in 2012, then declined to 6.4 million USD in South Africa ranked first among jewelry exports destinations in 2014 with 54% of exports, while UAE ranked second with 17%. Other countries include Switzerland (14%), Belgium (3%) and Saudi Arabia (2%). 52

53 C. Imports: The value of jewelry imports was equal to billion USD in It reached billion USD in 2011 before decreasing down to million USD in The weight of these imports increased from 1055 tons in 2010 to 1283 tons in Accordingly, the average price-per-ton of imports dropped from 1.1 million USD in 2010 to 761 thousand USD in Jewelry Trade Exchange 2500 imports are sourced from Switzerland, while 28% come from Togo. Other sources of jewelry Million USD Around 29% of jewelry imports include India (10%), Belgium Exports 0 Imports (8%) and UAE (8%). Trade Exchange for Chapter 71: Jewelry Exports Imports Price-perTon ( Price-perTon ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 53

54 7. Plastics and Articles Thereof A. Firms: The number of firms engaged in plastics and articles thereof production is 159 establishments which occupy Plastics Production: Proportion to Industry 3565 employees. Output was estimated at million USD. The value of input was 6.00% 5.00% 4.00% million USD, whereas 3.00% the value-added was around 2.00% 88.3 million USD. Hence, the Output Input -Added value added-to-output ratio was equal to 28%. # of Employees Output Input -Added -Added / Output (%) % % % % 28% 38% Plastics Firms Total Firms Percentage (%) B. Exports: In 2010, plastics exports were equal to million USD. This value increased to million USD in The weight of these exports increased from 46,629 tons in 2010 to 49,997 tons in Hence, the average price-per-ton of exports increased from 2,375 USD in 2010 to 2,612 USD. Saudi Arabia ranked first among plastics exports destinations in 2014 with 10% of exports, while Syria ranked second with 9%. Other countries include Iraq (8%), Egypt (7%) and USA (7%). 54

55 C. Imports: The value of plastics imports was equal to million USD in This value increased to 695 million USD in The weight of these imports increased from 261,641 tons in 2010 to Plastics Trade Exchange 325,479 tons in price-per-ton of imports increased from 1,982 USD to Million USD Accordingly, the average 2,135 USD Exports Imports Around 23% of plastics imports are sourced from Saudi Arabia. Other sources include China (14%), Italy (7%), Turkey (6%), and the UAE (5%). Trade Exchange for Chapter 39: Plastics Exports Imports ( ( Source: Lebanese Customs - Prepared by Chamber of Beirut & Mount Lebanon 55

56 8. Printed Books and Other Material A. Firms: The number of firms engaged in printed books and material production is 211 establishments. The value of input was 117 million USD, 7.00% whereas the value-added was Printed Material Production: Proportion to Industry 6.00% around million USD. 5.00% Hence, the value added-to- 4.00% 3.00% output ratio was equal to 2.00% Output 58%. Printed Material Firms Total Firms Percentage (%) Input -Added # of Employees Output Input -Added -Added / Output (%) % % % % % 38% 0.00% B. Exports: In 2010, printed material exports were equal to 98.3 million USD. This value increased to million USD in The weight of these exports decreased from 61,416 tons in 2010 to 52,784 tons in Hence, the average price-per-ton of exports increased from 1,601 USD in 2010 to 2,359 USD in Saudi Arabia ranked first among printed material exports destinations in 2014 with 19% of exports, while Iraq ranked second with 16%. Other countries include Algeria (9%), Jordan (8%) and Syria (7%). 56

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