Libya2021 Economic Complexity Trade : -1.18, Rank 114 of 131
2021 Economic Complexity Technology : -1.07, Rank 77 of 96
2021 Economic Complexity Research : -1.83, Rank 140 of 140
2021 Product Exports | Imports: $30.8B | $18.3B, 67 of 226 | 84 of 226
2021 Per Capita Product Exports | Imports: $4.43k | $2.63k, 72 of 219 | 110 of 219
Overview In 2021, Libya was the number 87 economy in the world in terms of GDP (current US$), the number 67 in total exports, the number 84 in total imports, the number 91 economy in terms of GDP per capita (current US$) and the number 114 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Libya are Crude Petroleum ($27B), Petroleum Gas ($1.94B), Refined Petroleum ($592M), Scrap Iron ($336M), and Gold ($236M), exporting mostly to Italy ($7.47B), Germany ($3.26B), Spain ($3.05B), China ($2.84B), and France ($1.94B).
Imports The top imports of Libya are Refined Petroleum ($3.66B), Rolled Tobacco ($636M), Broadcasting Equipment ($590M), Cars ($579M), and Jewellery ($424M), importing mostly from Turkey ($2.77B), Greece ($2.38B), China ($2.13B), United Arab Emirates ($1.71B), and Italy ($1.43B).
Location Libya borders Algeria, Chad, Egypt, Niger, Sudan, and Tunisia by land and Greece, Italy, and Malta by sea.
The following section uses the most recent trade data from partners of Libya.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2021): Crude Petroleum, $27B
Top Destination (2021): Italy, $7.47B
In 2021, Libya exported a total of $30.8B, making it the number 67 exporter in the world. During the last five reported years the exports of Libya have changed by $10.5B from $20.3B in 2016 to $30.8B in 2021.
The most recent exports are led by Crude Petroleum ($27B), Petroleum Gas ($1.94B), Refined Petroleum ($592M), Scrap Iron ($336M), and Gold ($236M). The most common destination for the exports of Libya are Italy ($7.47B), Germany ($3.26B), Spain ($3.05B), China ($2.84B), and France ($1.94B).
Libya Exports Services (2018): $134M
Libya Imports Services (2018): $5.06B
In 2018, Libya exported $134M worth of services. The top services exported by Libya in 2018 were Insurance services ($55.5M), Transportation ($51.6M), and Computer and information services ($26.6M).
The top services imported by Libya in 2018 were Personal travel ($2.04B), Transportation ($1.3B), Insurance services ($1.16B), Government services, n.i.e. ($535M), and Computer and information services ($31.4M).
Libya has a high level of specialization in Crude Petroleum (19.4), Iron Reductions (13.3), Live Fish (5.74), Ammonia (4.93), and Scrap Iron (4.05). Specialization is measured using RCA, an index that takes the ratio between Libya observed and expected exports in each product.
The highest complexity exports of Libya according to the product complexity index (PCI) are Ferrous waste and scrap; remelting scrap ingots of iron or steel (-0.55), Fish; live (-0.56), Aluminium; waste and scrap (-0.72), Iron and non-alloy steel in ingots or other primary forms (excluding iron... (-0.77), and Copper; waste and scrap (-0.95). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Libya according to the relatedness index, were Refined Petroleum (0.025), Raw Aluminium (0.022), Gold (0.021), Acyclic Alcohols (0.021), and Coal Briquettes (0.02). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Libya is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Libya's economy has become relatively less complex, moving from the 81st to the 114th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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