US-Libya Trade Relations

Relations between the United States and Libya have improved dramatically since last December. With the official lifting of sanctions in September of this year, the U.S. is now pursuing stronger trade and diplomatic ties with Libya. Significantly, the Libyan government has reciprocated the gesture by opening both oil and non-oil sectors to American investments. In addition, the government is also encouraging American companies to participate in several infrastructure projects such as highways, railways, telecommunications and irrigation.

U.S.-Libya trade ties are heading for an exciting period of growth. 5.6 million Libyans are glad to put the past behind them, as are the American companies that originally developed the country's oil industry.

A U.S Liaison Office was established in Tripoli in 2004; and a reciprocal Libyan diplomatic office established in Washington D.C , a sign of the growing rapprochement between the two countries, and U.S oil majors have returned in force after a lengthy absence since the early eighties.

Libya’s Trade Relations with other countries

Libya’s poor climate and infertile soil force the country to depend on other countries for most of its food. Libya is meeting about 75 percent of its food requirement through imports. In 2003, it garnered $14.32 billion through exports while its imports were $6.28 billion.

Libya’s major export partners are Italy (39.2%), Spain (13.6%), Germany (13.5%), Turkey (6.6%) and France (6.1%) while its major exporting commodities includes crude oil and refined petroleum products.

The country’s major imports include machinery, automobile parts, food and manufactured goods. Its key import partners are Italy (27.2%), Germany (10.3%), Tunisia (7.7%), UK (6.9%), South Korea (6.3%) and France (5.8%)

Libya is looking to the U.S and U.S technology, expertise, and talent to build its economy, and excellent opportunities exist for U.S entrepreneurs.