Located on the northern African coast and east of Egypt, the State of Libya shipped US$33.7 billion worth of exported products around the globe in 2023.

That calculated dollar amount results from a 15.1% increase from $29.3 billion five years earlier in 2019.

Year over year, overall revenues from Libyan export sales in 2023 fell by -16.3% compared to $40.3 billion during 2022.

Libya’s top 3 most valuable exported goods are crude oil, petroleum gases, then processed petroleum oils. Added together, that trio of lucrative energy products generated 96.6% of total Libyan export sales on global markets.

Libya’s Top Trading Partners

The latest available country-specific data from 2019 shows that 91.6% of products exported from Libya were bought by importers in: Italy (33.2% of Libya’s global total), mainland China (22.5%), Spain (11.6%), France (5%), United Arab Emirates (4.1%), United States of America (2.7%), Denmark (2.5%), Greece (2.4%), Netherlands (2.3%), Australia (1.9%), Thailand (1.7%) and Turkey (1.6%).

Applying a continental perspective, 61.5% of Libya’s exports by value was delivered to European countries while 32.5% were sold to importers in Asia. Libya shipped another 3% worth of goods to North America.

Smaller percentages went to Oceania’s Australia only (1.9%), Africa (0.6%), then Latin America (0.5%) excluding Mexico but including the Caribbean.

Given Libya’s population of 6.85 million people, its total $33.7 billion in 2023 exports translates to roughly $4,900 for every resident in the North African country. That dollar metric lags the average $5,800 per capita one year earlier in 2022.

Libya’s Top 10 Exports

The following export product groups represent the highest dollar value in Libyan global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Libya.

1. Mineral fuels including oil: US$32.6 billion (96.6% of total exports)
2. Iron, steel: $506.8 million (1.5%)
3. Inorganic chemicals: $163.9 million (0.5%)
4. Copper: $130.8 million (0.4%)
5. Aluminum: $75.1 million (0.2%)
6. Gems, precious metals: $53.3 million (0.2%)
7. Fish: $39.9 million (0.12%)
8. Fertilizers: $39.3 million (0.12%)
9. Ores, slag, ash: $31.1 million (0.09%)
10. Lead: $26.1 million (0.08%)

Libya’s top 10 exports accounted for 99.8% of the overall value of its global shipments.

Lead was the lone grower among the top 10 export categories, up by 103.7% from 2022 to 2023.

The leading decliner among Libya’s top 10 export categories was gems and precious metals, thanks to a -92.9% year-over-year drop mainly due to lower gold sales.

At the more granular four-digit Harmonized Tariff System code level, crude oil represents Libya’s most valuable exported product at 90.3% of the country’s total. In second place were petroleum gases (3.9%) trailed by processed petroleum oils (2.5%), iron ore reduced products (0.7%), iron or steel scrap (also 0.7%), ammonia (0.5%), copper scrap (0.4%), aluminum scrap (0.2%), unwrought gold (also 0.2%) then nitrogenous fertilizers (0.1%).

Products Driving Libya’s Best Trade Surpluses

Overall Libya posted an estimated US$12.7 billion surplus for 2023, reducing by -37.6% from $20.3 billion in black ink in 2022.

The following types of Libyan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Mineral fuels including oil: US$27.9 billion (Down by -14.8% since 2022)
2. Iron, steel: $293.2 million (Down by -5.5%)
3. Inorganic chemicals: $139.6 million (Down by -21.1%)
4. Copper: $119.9 million (Down by -14.5%)
5. Lead: $25.9 million (Up by 126.7%)
6. Fish: $12.2 million (Down by -34.6%)
7. Woodpulp: $8.2 million (Down by -23.7%)
8. Raw hides, skins not furskins, leather: $1.8 million (Down by -34.8%)
9. Collector items, art, antiques: $1.6 million (Up by 128.3%)
10. Wool: $178,000 (Down by -79.6%)

Libya has highly positive net exports in the international trade of crude oil and petroleum gases. In turn, these cashflows indicate Libya’s strong competitive advantages under the mineral fuels including oil product category.

Products Causing Libya’s Worst Trade Deficits

Below are exports from Libya that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Libya’s goods trail Libyan importer spending on foreign products.

1. Machinery including computers: -US$1.8 billion (Up by 34.5% since 2022)
2. Vehicles: -$1.4 billion (Up by 41.2%)
3. Electrical machinery, equipment: -$1.1 billion (Down by -22.2%)
4. Plastics, plastic articles: -$692.5 million (Up by 6.7%)
5. Furniture, bedding, lighting, signs, prefabricated buildings: -$546.4 million (Up by 46.2%)
6. Articles of iron or steel: -$505.6 million (Up by 60.6%)
7. Dairy, eggs, honey: -$460.5 million (Up by 5.4%)
8. Pharmaceuticals: -$440.2 million (Up by 2.9%)
9. Stone, plaster, cement, asbestos: -$393.6 million (Up by 103.5%)
10. Cereal/milk preparations: -$357.7 million (Up by 13%)

Libya has highly negative net exports and therefore deep international trade deficits under the machinery including computers category.

Libyan Export Companies

Not one Libyan corporation ranks among Forbes Global 2000.

Wikipedia lists exports-related companies from Libya. Selected examples are shown below.

• Arabian Cement Co. (construction materials)
• Arabian Gulf Oil Company (oil, gas)
• Brega Marketing Company (oil, gas)
• Challenger LTD (oil, gas)
• General National Maritime Transport Company (industrial transportation)
• Jowfe Oil Technology (oil, gas)
• Libyan Cement Company (construction materials)
• Libyan Iron and Steel Company (basic materials)
• National Oil Corporation (oil, gas)
• Oilibya (oil, gas)
• RASCO (oil, gas)
• Sirte Oil Company (oil, gas)
• Tamoil (oil, gas)
• Waha Oil Company (oil, gas)

 
In macroeconomic terms, Libya’s total exported goods represent 20.3% of its overall Gross Domestic Product for 2023 ($165.6 billion valued in Purchasing Power Parity US dollars). That 20.3% for exports to overall GDP in PPP for 2023 compares to 28.6% for 2022. Those metrics suggest a relatively decreasing reliance on products sold on international markets for Libya’s total economic performance albeit based on a short timeframe.

Another key indicator of a country’s economic performance is its unemployment rate. Libya’s unemployment rate averaged 18.5% for 2023, down from an average 19.3% in 2022 according to Trading Economics metrics.

Libya’s capital city is Tripoli, nicknamed by local residents as “Bride of the Sea” or “Mermaid”.

See also Crude Oil Exports by Country, Top 10 Exports from Cyprus, Malta’s Top 10 Exports

Research Sources:
Al Jazeera, Libyan fighting reaches streets of Tripoli (August 21, 2011). Accessed on October 1, 2024

Central Intelligence Agency, The World Factbook Country Profiles. Accessed on October 1, 2024

Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 1, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 1, 2024

International Trade Centre, Trade Map. Accessed on October 1, 2024

Investopedia, Net Exports Definition. Accessed on October 1, 2024

Wikipedia, Gross domestic product. Accessed on October 1, 2024

Wikipedia, Libya. Accessed on October 1, 2024

Wikipedia, List of Companies of Libya. Accessed on October 1, 2024

Wikipedia, Purchasing power parity. Accessed on October 1, 2024