The Association of Banks in Lebanon (ABL) has published its economic and financial report for August.
It is reported that the trade balance deficit reached $1,217 million, compared with a deficit of $1,142 million the previous month and a deficit of $1,573 million in July 2022. The trade balance deficit fell to $8,184 million in the first seven months of 2023, compared with a deficit of $8,680 million in the same period the previous year. This was due to a greater drop in imports than in exports during this period.
The value of merchandise imports stood at $1,447 million in July 2023, compared with $1,339 million the previous month and $1,801 million in July 2022. The value of merchandise imports was $9,798 million, down 9.4% on the same period in 2022, while quantities imported fell by 0.8%.
On the export side, in July 2023, the value of exports stood at $230 million, compared with $197 million the previous month and $228 million in July 2022. The value of merchandise exports fell by 24.2% in 2023 compared with the previous year.
The report also shows that the net foreign assets of the banking system and financial institutions increased by around $145 million. This was due to a combined increase of $115 million in the net assets of Banque du Liban (BDL) and $30 million in the net assets of banks and financial institutions. Net foreign assets had fallen by $217 million by July 2023.
As for the value of checks cleared in Lebanese pounds, in August it stood at 5,063 billion pounds, compared with 6,660 billion pounds the previous month and 3,723 billion pounds in August 2022. It increased by 80.3% in the first eight months of 2023 compared with the same period in 2022. The value of checks cleared in foreign currencies reached $188 million, down 65.2% in the first eight months of 2023 year-on-year.
As for the construction sector, in July 2023, building areas totaled 523,000 square meters (m²), compared with 423,000 m² the previous month and 373,000 m² in August 2022. This represents a 53.6% year-on-year decrease in building space in the first eight months of 2023.
In August 2023, the total number of flights to and from Beirut International Airport (AIB) reached 6,550; the number of arriving passengers was 379,114, and the number of departures was 530,050. In terms of cargo traffic through the airport during the aforementioned month, the volume of goods unloaded amounted to 2,944 tonnes, compared with 2,116 tonnes for goods shipped.
In August 2023, 131 ships docked at the Port of Beirut; the volume of goods unloaded reached 387,404 tonnes, and those shipped 65,527 tonnes. 14,667 containers were unloaded. In the first seven months of 2023, compared with the same period of the previous year, the number of ships increased by 13.3%.
In August 2023, the consumer price index in Lebanon published by the Central Administration of Statistics rose by 0.9% compared with the previous month and by 229.8% compared with August 2022.
In August 2023, the number of shares traded on the Beirut Stock Exchange reached 1,893,327, with a total value of $46.9 million, compared with 751,237 shares with a total value of $27 million.
