While the Lebanese government continues to search for local and international solutions to its escalating economic, monetary and financial crises, since the last quarter of 2019, the tragic Beirut Port explosion has added more heavy burdens to the weary country.

And yesterday, Tuesday, a huge explosion occurred in the port of Beirut, causing 73 deaths and more than 3 thousand wounded (unlimited toll) and huge material damage in many neighborhoods of the capital and its environs, according to Health Minister Hamad Hassan and Anatolia correspondents.

The explosion adds to the pain of a country that suffers from a severe economic crisis and severe political polarization, in a scene in which regional and international parties overlap.

According to data presented by the port of Beirut company website, it is considered the largest shipping and clearing point in Lebanon, through which 70% of the incoming and outgoing trade traffic to and from the country passes through.

The port is located in a strategic area linking the commercial markets of Asia, Europe and Africa, which means reducing the duration of commercial navigation flights compared to other routes.

The port has a direct link with 56 ports on the three continents, and receives and exports goods in cooperation with 300 ports around the world.

The port of Beirut is the most important port in Lebanon, and one of the most important ports in the eastern basin of the Mediterranean.

And due to its strategic location, this port - which opened in 1894 - was used to import basic materials from the countries of the world and export them through the Lebanese interior to the countries of the Middle East.

An economic pillar

This port is considered an essential pillar for the Lebanese economy, as it plays an essential role in the import and export process, and thus moving the Lebanese economic wheel.

It consists of four basins up to 24 meters deep, in addition to a fifth basin that was under construction. It also includes 16 berths, several warehouses and wheat storage silos that provide the best storage conditions.

During the years 2005-2018, cargo cargo through the port grew at an annual average of 4.6% from 4.48 million tons annually in 2005 to an average of 8 million tons in 2018.

During 2018, the port received about 7.05 million tons of goods, representing 72% of the total imports of goods across the sea, compared to exports of nearly one million tons, representing 78% of the total volume of exports.

During the same year, the number of merchant ships that carried out cargo or clearance operations of the goods amounted to about 1872, but the largest number is due in 2009, at 2,400 merchant ships.

Last year was not the best financially for the port of Beirut, due to the negative economic developments in the country and its impact on the decline in the volume of domestic demand for consumption, and thus the decline in trade.

The port's data shows that its total revenues during 2019 did not exceed 200 million dollars, compared to 313 million in 2018, while revenues did not exceed 90 million in 2005.

Experts believe that stopping the port will constitute a major economic loss (Anatolia)

Alternative port

On Tuesday, in a quick effort by the authorities to mitigate the losses, the Supreme Defense Council recommended that the port of Tripoli (in the north of the country) be equipped to secure commercial operations from import and export.

Lebanon has five official ports, the largest of which is the port of Beirut, alongside Sidon, Tire, Tripoli and Jounieh, in addition to specialized ports such as the port of Chekka and Jiyeh, which are specialized in unloading certain types of goods such as fuel.

After inspecting the site of the blast yesterday, General Security Director Major General Abbas Ibrahim said, in a press statement, that what exploded in a warehouse of the port is highly explosive materials "and I cannot anticipate the investigations."

big loss

Economic analyst Basel Al-Khatib believes that stopping the port will be a huge loss that will affect billions of dollars on the Lebanese economy.

And he notes - in an interview with Anatolia - that these billions are divided into two parts: a division as a result of the port's failure to work, and the second part the cost of damage to the port.

"The import and export movement will stop for a while, except for losses whose size cannot be estimated at the present time, but it will certainly be huge," he added.

And stresses that the loss will also include the movement of berthing to ships, and the customs sector will be affected. "And every day we will lose customs duties."

The Minister of Economy, Raoul Neama, indicated - in a press statement carried by the official Lebanese agency - that the wheat stored in the silos of the Beirut port could not be used because it had become contaminated by the explosion.

In this context, Al-Khatib believes that it is highly unlikely that there will be a wheat and flour crisis in Lebanon because the sister countries have begun to announce their willingness to help and send food aid, including France and Kuwait, and thus "there are no signs of a flour crisis."

The economic analyst pointed out that the ovens have quantities of wheat and flour that can meet the need until other quantities are imported.