|Steel imports slump amid economic crisis
|Lebanon - 2021 June 23
Lebanon's steel imports almost halved last year as the country continues to grapple with the financial crisis.
According to the Lebanese Customs statistics, total steel imports plunged 49.7 pct YoY to 377,241 tons in 2020.
In 2020, rebar imports were totalled 223,244 tons, down by nearly 43 pct when compared to the previous year.
Wire rod imports also decreased almost 57 pct on-year to 15,911 tons last year.
Hot Rolled steel imports under HS code heading 7208 dropped 53 pct YoY to 56,879 tons.
Cold rolled steel imports under HS Code 7209 were totalled 3,309 tons, down by 70.72 pct YoY.
Coated steel imports under HS code heading 7210 declined by 52.78 pct YoY to 32,341 tons.
Lebanon imported 26,668 tons of alloy bars under HS code 7228, down by 62.3 pct YoY.
Lebanon's economic collapse is likely to rank among the world's worst financial crises since the mid-19th century, the World Bank said in a report. Manufacturing firms are operating at 35pct of capacity. Four out of five firms mentioned that their sales declined significantly together with demand. More than half of firms surveyed are experiencing liquidity challenges.
Lebanon's currency reached a new low against the dollar earlier this month and traded at around 15,150 to the dollar, losing around 90 pct of what it was worth in late 2019.
Steel imports from non-Arab and non-EU countries are subject to a 5pct duty.