Lebanese trade not affected by Syrian crisis: World Bank

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Tuesday 28 Apr 2015 - 12:02 Makkah mean time-9-7-1436 (File image) Beirut, (IINA) - Lebanese trade has been less affected by the Syrian conflict than other regional countries, a World Bank study released on Monday said, Lebanese Daily Star reported. The study findings were unveiled by World Bank trade economist Massimiliano Cali during a presentation in Beirut’s Crowne Plaza Hotel. The study noted that the Syria conflict had no impact on Lebanese merchandise and services exports at the aggregate level. While the growth in total Lebanese goods’ export has turned negative since 2012, the World Bank analysis suggests that the drop is unrelated to the Syrian war. According to the World Bank findings, the decline in the total Lebanese export of goods has been mainly driven by a drop in the exports of pearls, precious stones and other metals, which are subject to fluctuations in international demand. More than 20 percent of total Lebanese exports and about 6 percent of total imports mainly to and from the Arab markets go through Syria. The impact of the Syrian war on Lebanese trade in services, which dominate Lebanese exports, was difficult to assess, the World Bank said. According to Lebanon’s Central bank data, exports of services declined dramatically both in 2012 and 2013. The opposite is true, according to UNCTAD data, while the IMF records a flat trend, the World Bank study noted. According to the World Bank, a one percent increase in the number of registered refugees results in a 1.6 percent growth in the exports of services after two months. SM/IINA