Despite crisis, Lebanon sees rise in imports volume

Lebanon Economy
13-02-2023 | 12:32
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Despite crisis, Lebanon sees rise in imports volume
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Despite crisis, Lebanon sees rise in imports volume

When we see solar panels covering the roofs of houses in Lebanon, this does not only mean that it is an alternative to the failure of the authority’s successive plans to secure electricity for citizens. It also means a considerable cost of imports in dollars.
 
Lebanon's import of solar energy panels and batteries rose from $54 million in 2021 to $930 million in 2022.
 
This massive rise in solar energy is mainly in the interest of the citizen; however, there is a rise in the volume of imports in specific sectors that were in the interest of merchants and their profits.
 
Lebanon's import of cars, motorcycles, and electrical appliances increased from one billion and 692 million dollars in 2021 to 3.5 billion dollars in 2022.
Let us take the import of cars, for example.
 
Before the customs dollar became 15,000 Lebanese Lira on the first of February 2023, many merchants rushed to buy large quantities of cars. They imported them at a customs dollar of 1,500 Lebanese Lira.
 
For example, the merchant paid 9 million Liras for customs for a car at 1,500 instead of paying 113 million Liras at a rate of 15,000.
 
But in practice, merchants will sell these cars to citizens at the new customs rate, and citizens will pay at least $2,000 in extra fresh money, which is a net profit for the dealer.
 
Merchants benefited and citizens paid, and the state's trade balance deficit grew to the point that imports in 2022 exceeded $19 billion, as if the country was fine and not battling a financial disaster.
 

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