|Steel imports plunge 54 pct in Jan-Nov 2020 YoY amid economic woes
|Lebanon - 2021 March 18
According to the Lebanese Customs statistics, total steel imports plunged 54.28 pct YoY to 326,076 tons in the first eleven months of 2020.
Rebar imports in Jan-Nov 2020 were amounted to 196,624 tons, down by 46 pct when compared to the same period last year.
Wire rod imports also decreased almost 62 pct on-year to 13,745 tons last year.
Hot Rolled steel imports under HS code heading 7208 dropped 61.6 pct YoY to 44,780 tons.
Cold rolled steel imports under HS Code 7209 were totalled 2,510 tons, down by 76.5 pct YoY.
Coated steel imports under HS code heading 7210 declined by 56 pct YoY to 28,746 tons.
Lebanon imported 22,976 tons of alloy bars under HS code 7228, down by 67.5 pct YoY.
The sharp decline in steel imports is due to the Lebanon's worst economic downturn in decades.
Lebanon's currency hit a new low against the dollar on the black market Tuesday, as the virus outbreak and political deadlock have worsened the country's economic crisis. The currency tumbled to 15,000 to the USD and lost almost 90 pct since late 2019.
Steel imports from non-Arab and non-EU countries are subject to a 5pct duty.