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Foreign Trade in Figures

Trade has been an important element of the Libyan economy since the early 2000s, peaking at 108% of GDP in 2009, before the country became embroiled in another civil war. Nevertheless, its share recovered in the last few years and, according to the latest available data, it reached 156% in 2023 (World Bank). Main exports included crude oil, refined petroleum products, and natural gas (94% of total exports, UNCTAD), as well as gold, iron, and copper. Significant items of import include refined petroleum (mainly for re-export), broadcasting equipment, rolled tobacco, cars, and jewellery.

 As a member of organizations such as the Arab League, the African Union (AU), and the Arab Maghreb Union (AMU), Libya engages in multilateral discussions and initiatives aimed at fostering cooperation and economic development. Additionally, Libya has historically participated in regional trade agreements, including agreements within the Arab world and Africa, to promote trade relations with neighbouring countries. However, due to political instability and conflict in recent years, Libya's active participation in international trade organizations and agreements has been limited and the country is not a member of the WTO. In 2023, the main export partners were Italy (22.5%), Germany (14.6%), Spain (8.7%), France (7.5%), and China (6.2%), with imports coming chiefly from China (17.4%), Turkey (14.6%), Italy (8.2%), the United Arab Emirates (8.2%), and Egypt (8% - data OEC).

According to the last available data from the WTO, goods exports stood at USD 35.2 billion in 2023, against USD 20.5 billion in imports (-6.4% and -30.7% year-on-year, respectively). That same year, the World Bank estimated Libya’s external trade balance surplus at 14.6% of GDP (from 27.6% one year earlier). Preliminary figures from Argus tracking data show that, in 2024, the country exported 973,000 barrels per day across its 12 crude grades, only slightly below the 989,000 b/d exported in 2023—the second-highest annual export volume since the 2011 civil war.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 22,69412,91217,43229,63420,523
Exports of Goods (million USD) 29,0589,31233,41737,68635,270
Imports of Services (million USD) 7,6425,18600n/a
Exports of Services (million USD) 26822600n/a

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 79.051.0164.3156.3155.7
Trade Balance (million USD) 11,33216415,340n/an/a
Trade Balance (Including Service) (million USD) 3,958-4,7976,973n/an/a
Imports of Goods and Services (Annual % Change) 36.3-40.246.6-13.9-16.5
Exports of Goods and Services (Annual % Change) 4.7-66.3126.1-19.97.1
Imports of Goods and Services (in % of GDP) 36.630.672.264.370.5
Exports of Goods and Services (in % of GDP) 42.420.492.192.085.1

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) -3.25.2-0.7-3.7-2.9
Volume of imports of goods and services (Annual % change) 9.20.6-3.5-8.2-5.5

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Libya is a member of the Arab Monetary Fund, the Council of Arab Economic Unity, the Islamic Development Bank, OPEC and the AMU. Since 2004, Libya has been an observer at the WTO prior to becoming a member. The country is also part of the Greater Arab Free Trade Area (GAFTA), a pact of the Arab League entered into force in January 2005 which aims to form an Arabic free trade area.
 
 
 
 
 

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Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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