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In a pivotal development for Middle Eastern commerce, Türkiye and Lebanon are poised to revitalize their trade relations following the catastrophic explosion at the Beirut port in 2020.
This devastating event crippled Lebanon's primary trade hub – significantly impacting its economy and commercial relationships.
Why it matters: The restoration of Beirut's port is pivotal for Lebanon's economy, significantly impacting its trade relations with Türkiye.
"The Beirut Port is the lifeblood of Lebanon. Its recovery is essential not just for Lebanon, but for maintaining robust trade connections across the region," Abdulkadir Akkus, Chairman of the Foreign Economic Relations Board (DEİK) Türkiye-Lebanon Business Council stated.
The 2020 Beirut explosion, occurring on Aug. 4, devastated Lebanon's capital, killing at least 220 people, injuring thousands, and causing extensive damage to the city's infrastructure.
2019 vs. 2020: Turkish exports to Lebanon dropped from $1 billion to $812.5 million due to disruptions caused by the explosion.
2021 growth: Despite initial setbacks, Türkiye and Lebanon saw a promising rebound in trade. Exports surged by 85% to $1.5 billion, as Lebanese efforts to stabilize and rebuild began to bear fruit.
2023 update: Exports dipped by 43.3%, reaching $1.4 billion, as Lebanon continues to face economic hurdles but remains determined to rebuild its trading capabilities.
Government efforts: The Lebanese government is prioritizing the reconstruction of the Beirut Port, recognizing its critical role in economic recovery. The government has secured international funding and expertise to expedite restoration efforts.
Partnership opportunities: Turkish companies are actively participating in reconstruction projects, bringing in expertise and resources to support Lebanon's recovery.
We anticipate a significant increase in trade volume as the port resumes full operations. The collaboration between Türkiye and Lebanon is crucial for regional economic stability
Abdulkadir Akkus
3 min read
