Country Profiles
Libya
LibyaLibya is located in North Africa and it is bordered by Egypt, Sudan, Chad, Niger, Algeria and Tunisia. The population of Libya is 6 million and its GDP is $51 Billion. Libya has the 10th-largest proven oil reserves in the world.Libya is a member of the United Nations, the Non-Aligned Movement, the Arab League, the OIC and OPEC.
Libya gained independence from Italy in 1947. Arabic is the official language, and Italian and Berber are widely spoken. Its capital city is Tripoli with approximately 1 million population. Libya had a civil war in 2011 between forces loyal to Muammar Gaddafi and those seeking to change his government.
Libya’s main import and export partner is Italy. Turkey also has a considerable size in imports with 11% total share. Petroleum products play an important part in Libya’s economy, 97% of exports are related with petroleum products. The civil wars in the 2010s affected the economy of the country and decreased its economic output.
Libya and Turkey have close historical and cultural relations. Turkey was the first country to appoint an Ambassador to Tripoli after the Libyan Civil War in 2011.Turkish companies, especially construction companies, had strong influence before the Civil War. After the civil war, the trade between Turkey and Libya decreased significantly. There are ongoing negotiations regarding the unfinished projects in Libya.
Below, you can see the fact sheet, macroeconomic outlook and trade relations of Libya with Turkey.
Country at a glance
- Capital city
- Tripoli
- Official language
- Arabic
- Population
- 6.3 million
- GDP
- $38 billion
- GDP per capita
- $6,032
- Human Development Index
- 0.708
- Top 3 import partners
- Italy, China, Turkey
- Top 3 export partners
- Italy, Germany, Spain
- Top 3 import products
- Refined Petroleum, Wheat, Cars
- Top 3 export products
- Crude Petroleum, Scrap Metals, Petroleum Gas
- Trade balance
- $+7.98M in net exports
Source: Istanbul Africa Trade Company, Africa Economic Report (2019). Figures as published, reflecting data to 2017.
Turkey's exports to this market
Source: Istanbul Africa Trade Company, Africa Economic Report. Figures as published.
2008
$1,080 million
Top 10 products account for 40.3% of the total.
| Product | Share of total |
|---|---|
| Wheat Flours | 9.1% |
| Iron Structures | 6.4% |
| Insulated Wire | 5.2% |
| Plastic Pipes | 4.3% |
| Raw Iron Bars | 3.5% |
| Specialized Vehicles | 2.8% |
| Air Conditioners | 2.4% |
| Jewellery | 2.4% |
| Refrigerators | 2.3% |
| Stone Processing Machines | 2% |
2017
$879 million
Top 10 products account for 38.5% of the total.
| Product | Share of total |
|---|---|
| Jewellery | 10.5% |
| Other Furniture | 7% |
| Hand-Woven Rugs | 4.1% |
| Toilet Paper | 3.8% |
| Plastic Lids | 2.5% |
| Packaged Medicaments | 2.3% |
| Monofilament | 2.2% |
| Other Pure Vegetable Oils | 2.1% |
| Poultry Meat | 2.1% |
| Pasta | 1.9% |
Frequently asked questions
- Libya: what does Turkey export there?
- In 2017, Turkey's exports to this market were valued at $879 million. The ten largest product groups made up 38.5% of that total, led by Jewellery; Other Furniture; Hand-Woven Rugs.
- Libya: who are its main trading partners?
- The three largest import partners are Italy, China, Turkey. The three largest export partners are Italy, Germany, Spain.
- Libya: what does the country import?
- The three largest import products are Refined Petroleum; Wheat; Cars. The three largest export products are Crude Petroleum; Scrap Metals; Petroleum Gas.
- Libya: how big is the economy?
- Population 6.3 million, GDP $38 billion, and $6,032 per person. The Human Development Index is 0.708.
- Libya: does it run a trade surplus or a deficit?
- The trade balance is $+7.98M in net exports.
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Reviewed by Burak Unal, Director of African Markets