Syria Today | Syrian-Lebanese trade falls by 7 percent

Syrian-Lebanese trade falls by 7 percent

Bilateral trade between Syria and Lebanon fell by more than 7 percent last year, according to figures released last month by the Syrian-Lebanese Higher Council.

Trade between the two neighbours weighed in at SYP 21.5bn (USD 457m) at the end of 2009, an annual decline of 7.2 percent. The decline is a result of sharp drops in Syrian exports of steel and phosphate. Steel exports fell by 88.8 percent over the year, from SYP 1.7bn (USD 36.1m) in 2008 to SYP 188m (USD 4m) in 2009. Phosphate exports fell by 45.7 percent over the same period, from SYP 3.9bn (USD 82.9m) in 2008 to SYP 2.1bn (USD 44.6m) at the end of 2009.

The latest figures show the trade balance is still in Syria's favour. Syrian exports stood at SYP 11bn (USD 234m) last year, while imports stood at SYP 10.6bn (USD 225.5m).

Syrian exports are mostly made up of phosphate, steel, manufactured food items and fruits and vegetables. The country imports fruit concentrates and beverages, cement, chemical products, cosmetics and wood and paper from Lebanon.

Syria is Lebanon's 21st largest supplier and fifth largest buyer.

Source: Syrian-Lebanese Higher Council