Exclusive: Sada obtains the Central Bank’s report on foreign trade, and these are its details

Our source has obtained exclusively the report of the Research and Statistics Department of the Central Bank of Libya regarding foreign trade, as this sector is of great importance for both developed and developing economies, and is the best approach to exploit the available economic resources and to provide the operating requirements necessary for the production process and capital flows.

During (2019-2022), the foreign trade sector in Libya witnessed fluctuations due to the political conditions and the state of political division, the frequent suspension of the production and export of crude oil, and due to the conditions that the global economy went through as a result of the COVID-19 pandemic and its adverse effects on the supplies and prices of commodities, which had a direct impact on the volume of trade exchange of Libya with the rest of the world.

The following is an analysis of the most important indicators of foreign trade for the Libyan economy during the period 2019 – 2022:

First: the volume of trade exchange:

The volume of trade exchange (exports + imports) between Libya and the outside world during the period (2019-2022) recorded an average increase of about 24.1%. This was due to the exports’ growth, which averaged 48.6%, where the volume of trade exchange for the year 2022 increased by 19.1% compared to the year 2021, which was due to the increase in oil exports because of the stability in production and export of crude oil.

To determine the importance of foreign trade in the local economy, the ratio of the volume of foreign trade (exports + imports) to GDP (the degree of external exposure) showed a continued exposure of the national economy to the outside world, as it recorded an increase in 2019 by 60.6%. While the degree of exposure decreased in 2020 to 43.5%, then increased to 113.3% in 2021, and then decreased to 107.5% in

2022, which indicates that the national economy is greatly affected by changes and  external conditions.

Foreign Trade Volume during (2019 – 2022)

“ Millions of USD “

*Source: Trade Statistics for International Business Development (Map Trade).

Second: Exports:

The Libyan economy relies heavily on the hydrocarbon sector as a primary source of income, such source is regarded as a depleted natural resource, this source of income is affected by the conditions of the global oil markets, where oil exports constitute more than 90.0% of the total exports, which made the national economy continuously vulnerable to strong shocks as a result of the sudden and significant changes in the oil sector locally and internationally.

Geographical Distribution of Exports:

The table below shows the geographical distribution of Libyan exports, and it illustrates the high relative importance of Libyan exports to the European Union countries, as they averaged about 64.6% of the total exports during the period from 2019 to 2022. The reason of the high relative importance of national exports to the countries of the European Union (the eurozone) was due to the characteristics of the economies of these countries as industrial countries that depend to a large extent on crude oil. Libyan exports to Asian countries come in second place, as they amounted during the period to an average of about 23.6% of the total Libyan exports abroad.

Distribution of Libyan Exports by Country Groups During (2019 -2022)

” Millions of USD “

*Source: Trade Statistics for International Business Development (Map Trade).

Exports According to the Most Important Exporting Countries:

The tables below show the values of exports according to the most important exporting countries, the data indicates that Italy was the most important importer, as the percentage of what was exported to it alone amounted to an average of 22.1% during the period (2019-2022), respectively, of the total value of Libyan exports, as the value of what was exported to it amounted to during the year 2022, it received about $10,468.1 million, while Spain, Germany, China, Greece and France were among the most important importing countries from Libya. It should be noted that most of the Libyan exports to these countries are oil exports.

The Value of Exports According to the Most Important Exporting Countries During (2019 – 2022)

” Millions of USD “

*Source: Trade Statistics for International Business Development (Map Trade).

The Relative Importance of Libyan Exports according to the Most Important Exporting Countries, during (2019 – 2022)

“Percentage %”

*Source: Trade Statistics for International Business Development (Map Trade).

Commodity Composition of Exports:

The data relating to the commodity composition of national exports presented in the table below showed the extent to which exports of mineral fuels, fuels and related materials acquired the largest share of total exports during the period (2019-2022), constituting 90.0% of total exports, which indicates the undiversified exports of the national economy, this is because of the weak structure of domestic production, which makes the economy vulnerable to fluctuations in oil production and its prices in international markets, while other exports accounted for 10.0% of total exports, most of which are precious metals and their products (gold) and common metals (scrap).

Export Value Classified by Commodities Groups During (2019 – 2022)

“Millions of USD”

*Source: Trade Statistics for International Business Development (Map Trade).

Classification of Libyan exports (oil, other exports) During (2019 – 2022)

” Millions of USD “

Other exports are mostly precious metals and common metals.

The Most Important Trading Partners for Other Exports

Other export data showed that Turkey and the United Arab Emirates are the most important importing countries from Libya, which concentrated most of its imports of precious metals and common metals.

Exports – Turkey

” Millions of USD”

Exports – United Arab Emirates

” Millions of USD “

* Most of them are oil exports.

Third: Imports:

More than 85.0% of the local market needs of all sectors and individuals of consumed and capital goods such as machinery, equipment, raw materials and intermediate goods needed for the production process, are imported from foreign markets.

Geographical distribution of imports:

The European Union countries are the main source of Libya’s imports, as their relative importance amounted to an average of about 34.4% of the total imports during the period (2019-2022), as the value of Libya’s imports from the European Union countries recorded about 4.9, 4.3, 5.1, and 8.0 billion dollars, respectively, during the reported period. This is due to the geographical neighborhood, which plays a major role in increasing the volume of trade exchanges between Libya and the countries of the eurozone, while the Asian countries, Arab League States and other European countries accounted for the remaining proportions, and the data indicates the weakness of trade exchanges between Libya and African countries, Australia, and New Zealand.

Distribution of Libyan Imports by Country Groups During (2019 – 2022)

” Millions of USD “

Imports According to the Most Important Importing Countries:

The table below displays the value of imports according to the most important countries from which they are imported, it is obvious that the countries of Turkey, China, Italy, Greece and the UAE still top the list of the most important countries. As the percentage of what was imported from them on average reached about 52.4% during the period (2019-2022) of the total value of Libyan imports.

However, Turkey is regarded as the most important country from which Libya imports and the value of what was imported from Turkey during the year 2022 amounted to about $2.8 billion, accounting for 14.2% of the total, while China ranked second with a value of $2.4 billion, and Italy came in third place with about $2.3 billion.

The following table shows the most important importing countries from during the period (2019 – 2022):

The Value of Imports According to the Most Important Importing Countries During (2019 – 2022)

” Millions of USD “

*Source: Trade Statistics for International Business Development (Map Trade).

The Relative Importance of Imports According to the Most Important Importing Countries, During (2019 – 2022)

“Percentage %”

*Source: Trade Statistics for International Business Development (Map Trade).