By John Lee.
Fadi Abboud, the former head of the Lebanese industrialists association, has told The Daily Star that Lebanon’s total exports to Iraq will see a sharp decline over the coming months due to the deteriorating security situation in the country.
Adding that Iraq is the fifth-largest recipient of Lebanese products, he said that some insurance firms are now even refusing to cover shipments to Baghdad.
Jacque Sarraf, a leading industrialist, said that land shipments to Iraq were taking up to 45 days, causing Lebanese exporters to resort to maritime shipping, the cost of which has increased by 50 percent.
In addition to being an important trade partner to Lebanon, Iraq represents a transit route to Gulf countries.
Lebanon’s exports to Iraq stood at $41 million in June 2013 and $54 million in July 2013, most of which was machinery and electrical equipment (34 percent) followed by agro-food products (19 percent), chemicals (15 percent), cosmetics (10 percent) and wood and paper (10 percent).
Iraq’s share of total Lebanese exports stood at 7 percent last year.
(Source: Daily Star)
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