Libya2020 Economic Complexity : -1.29, Rank 118 of 127
2020 Product Exports | Imports: $8.4B | $11.8B, 93 of 226 | 90 of 226
2020 Per Capita Product Exports | Imports: $1.22k | $1.72k, 100 of 219 | 115 of 219
2018 Service Exports | Imports : $134M | $5.06B, 129 of 138 | 74 of 138
Overview In 2020, Libya was the number 87 economy in the world in terms of GDP (current US$), the number 93 in total exports, the number 90 in total imports, the number 92 economy in terms of GDP per capita (current US$) and the number 118 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Libya are Crude Petroleum ($5.46B), Gold ($1.65B), Petroleum Gas ($717M), Scrap Iron ($104M), and Refined Petroleum ($98.1M), exporting mostly to Italy ($1.77B), Turkey ($1.65B), United Arab Emirates ($887M), Germany ($768M), and China ($712M).
Imports The top imports of Libya are Refined Petroleum ($1.69B), Rolled Tobacco ($516M), Cars ($405M), Broadcasting Equipment ($262M), and Wheat ($246M), importing mostly from China ($1.88B), Turkey ($1.65B), Italy ($1B), United Arab Emirates ($1B), and Greece ($719M).
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 (2020): Crude Petroleum, $5.46B
Top Destination (2020): Italy, $1.88B
In 2020, Libya exported a total of $8.4B, making it the number 93 exporter in the world. During the last five reported years the exports of Libya have changed by -$1.89B from $10.3B in 2015 to $8.4B in 2020.
The most recent exports are led by Crude Petroleum ($5.46B), Gold ($1.65B), Petroleum Gas ($717M), Scrap Iron ($104M), and Refined Petroleum ($98.1M). The most common destination for the exports of Libya are Italy ($1.77B), Turkey ($1.65B), United Arab Emirates ($887M), Germany ($768M), and China ($712M).
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 Iron Reductions (39.8), Crude Petroleum (17), Live Fish (10.3), Scrap Copper (10.2), and Gold (7.8). 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 Hot-Rolled Iron (0.34), Scrap Iron (-0.41), Iron Reductions (-0.6), Semi-Finished Iron (-0.74), and Live Fish (-0.77). 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, are Ammonia (0.026), Non-fillet Frozen Fish (0.023), Raw Aluminium (0.023), Refined Petroleum (0.022), and Cocoa Beans (0.022). 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 76th to the 118th 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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