Libyan Central Bank: Foreign Trade Rises by 35% Over 4 Years
Libya's foreign trade has grown by an average of 35.8% between 2021 and 2024, according to a new report issued by the Research and Statistics Department at the Central Bank of Libya.
The report, which analysed external trade data over the past four years, attributed the overall increase primarily to the significant rise in exports, which recorded an average growth rate of 62.6% during the same period.
However, the report also highlighted a 6.1% decline in total trade volume in 2024 compared to 2023. This drop was largely due to a 10.2% fall in oil exports, as global crude oil prices saw a noticeable decline.
The Central Bank noted that fluctuations in global energy markets continue to impact Libya's trade performance, with oil remaining the backbone of the country's export economy.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
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