A recent report titled “Foreign Trade Statistics of Libya,” issued by the Research and Statistics Department of the Central Bank of Libya, highlights the nation’s heavy dependence on oil as its primary source of income. The data reveals that oil exports account for over 96% of Libya’s total exports.
The report also emphasized the vulnerability of the Libyan economy to global oil market fluctuations, leaving it exposed to significant economic shocks.
Major Export Destinations: Europe Takes the Lead
According to the report, 72.8% of Libya’s total exports in the first half of 2024 were directed toward European Union (EU) countries, underscoring the reliance of Eurozone industrial economies on Libyan crude oil.
European countries outside the EU ranked second with 9.5%, while Asian countries accounted for 7.2%. The rest of the world received 10.5% of Libya’s exports.
Italy emerged as the top importer of Libyan goods, receiving 23.4% of the country’s exports in the first half of 2024. Export values to Italy reached $3.9 billion during this period, a slight increase from $3.8 billion in the same period of 2023.
Other Major Importers
The report listed additional key trade partners and the corresponding export values:
Germany: $2.4 billion
United Kingdom: $1.5 billion
Greece: $1.5 billion
Spain: $1.4 billion
France: $1.2 billion
United States: $805.5 million
The report underscores the pressing need for Libya to diversify its income sources and broaden its trade partnerships. This strategy would mitigate the risks associated with volatile global oil markets and strengthen economic resilience.
