SEARCH FOR THE ADVANTAGE IN THE MIDDLE OF THE CRISIS: LEBANON
Lebanon, the Republic is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus lies to its west across the Mediterranean Sea; Lebanon borders Israel by land and Cyprus by sea. its location at the crossroads of the Mediterranean, Lebanon population is almost 7.000.000 with a complete surface of 10,452 square kilometers. With a beautiful geographical position on the coast, it is the smallest countries in the world and makes her a busy commercial and cultural center for the Middle East. The Lebanese officially speak Arabic language and the most of them can speak French too.
EXPORTATION and IMPORTATION:
LEBANON’s economy is based on export where it has multiple trade agreements, including the Greater Arab Free Trade Area (GAFTA), Euro-Mediterranean Association Agreement and the European Free Trade Association (EFTA). According to the statistics of the General Directorate of Customs, the value of Lebanese imports in 2020 amounted to about 11.3 billion dollars, and the value of exports amounted to 3.5 billion dollars. Lebanon’s total imports are $19.2 billion, of which $1.7 billion (8.9 percent) originate in the United States. The United States is Lebanon’s largest supplier of imported goods, followed by China, Greece, Russia and Italy. Major U.S. exports to Lebanon are mineral fuel and oil ($841 million), automotive ($253 million), chemical industrial products ($192 million), machinery and electrical instruments ($98 million), prepared foodstuffs, vegetable products ($96 million), and beverages and tobacco ($54 million).
Lebanon is the 112th largest export economy in the world and the 60th most complex economy according to the Economic Complexity Index (ECI). In 2017, Lebanon exported $3.91B and imported $20.8B, resulting in a negative trade balance of $16.9B. In 2017 the GDP of Lebanon was $53.6B and its GDP per capita was $14.5k.
The top exports of Lebanon are Gold ($444M), Computers ($233M), Scrap Iron ($179M), Scrap Copper ($167M) and Jewellery ($154M), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Refined Petroleum ($3.77B), Cars ($1.28B), Packaged Medicaments ($953M), Gold ($668M) and Raw Iron Bars ($396M). The top export destinations of Lebanon are South Africa ($316M), the United Arab Emirates ($265M), Syria ($246M), Saudi Arabia ($239M) and Switzerland ($237M). The top import origins are China ($1.89B), the United States ($1.73B), Italy ($1.73B), Greece ($1.4B) and Germany ($1.12B).
The top imports of Lebanon are Refined Petroleum ($3.18B), Cars ($864M), Packaged Medicaments ($741M), Jewellery ($428M), and Gold ($376M), importing mostly from United Arab Emirates ($1.71B), China ($1.67B), Italy ($1.31B), Greece ($1.3B), and Turkey ($1.11B).
Just like many other countries Some external and internal factors defines the actual situation of Lebanon economy , High living cost and the instability of the rate of the USD made the purchase value decrease to the minimum. Port explosion of August 4, 2020 destroyed much of the business areas and the most active city in leabanon. Beirut is the capital of the country and economically is the center business conventions and also the first destination of the turists from all over the World. There are 58 towers in Beirut the smallest one MANARA 587- 88 Meters 18 floors this was buılt 2005 while the tallest one is SAMARA BEİRUT -195 METERS- 50 FLOORS was built in 2016.
Based 0n a visit on the site ı came accross to many companies ı can just resume and say that the Construction sector is growing on a slow basis, but the old Project are still continuing and the movement for the elevator and lifts products is still jhaving it’s live market. We can not say the country it’s over, it is expected that maybe after the election the sights will be clearer fort Lebanon and it is expecting a good reform globally on it’s economy and especially that the current governoment is working on regaining the good relationship between the other countries of the middle east such Saudia Arabia, UAE and Qatar. The International Monetary Fund offers a reform program to lebanon,On the other hand, İsreailien and Lebanon governement are discussing The Blue Line talks in order to reach agreements on a number of contentious areas along the Blue Line. Also Iran based on an earlier Visit also are offering Support to the economy of Lebanon if Hezbollah Asked so. Lebanon is the door of the middle east and is your to discover more potentiel customers in the middle east keep an eye on it.