United States (USA) and Libya (LBY) Trade | The Observatory of Economic Complexity (2024)

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The Observatory of Economic Complexity (OEC) is an online data visualization and distribution platform for international trade data designed and owned by Datawheel. Through interactive visualizations, the OEC aims to make global trade data accessible and understandable.

ECI Trade. This is the traditional economic complexity index. It is based on the geography of trade and captures the sophistication of a country's exports. Trade ECI estimates a country's ability to produce and export complex products that require a high level of knowledge and skills.

The EU is Libya's biggest trade partner, representing 51% of the country's global trade in goods in 2020. Total trade in goods between the EU and Libya in 2020 amounted to €7.8 billion.

The main products that Libya exported to United States were Crude Petroleum ($2.24B), Refined Petroleum ($4.92M), and Collector's Items ($247k).

The Economics Observatory (ECO) is a new project that bridges the gap between academic research, government policy and the general public. Our goal is to provide balanced and reliable answers to questions about the economy. We make it our mission to make these answers as accessible and engaging as possible.

The OEC is currently designed and developed by Datawheel, but it began as a research project at MIT's Collective Learning group (former Macro Connections Group). The OEC was the Master Thesis of Alex Simoes (2012), directed by Professor Cesar A. Hidalgo. In 2012 the OEC was spun out of MIT as an open source project.

Economic complexity is important because it is a strong predictor and driver of future economic growth and reveals the trajectory of future growth. Countries with a higher level of complexity than their GDP would predict are more likely to grow faster in the future(Hausmann et al., 2013).

Economic complexity is the idea that you can infer “how good of a student” an economy is by looking at the activities that it is able to develop successfully, and by looking at the other places where those activities are present.

The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP.

Under Gaddafi, per capita income in the country rose to more than US$11,000 in nominal terms, and to over US$30,000 in PPP terms, the 5th highest in Africa. The increase in prosperity was accompanied by a controversial foreign policy, and increased domestic political repression.

What are the top 3 imports in Libya? ›

Imports The top imports of Libya are Refined Petroleum ($5.27B), Cars ($571M), Broadcasting Equipment ($543M), Rolled Tobacco ($474M), and Jewellery ($390M), importing mostly from Turkey ($2.84B), China ($2.37B), Italy ($2.28B), Greece ($1.95B), and United Arab Emirates ($1.31B).

Oil was discovered in Libya in 1959, and what had been one of the world's poorest countries became comparatively wealthy. The United States continued a generally warm relationship with Libya and pursued policies centered on interests in operations at Wheelus Air Base and the considerable U.S. oil interests.

Libya Trade & Investment Summary

U.S. goods exports to Libya in 2022 were $291 million, down 1.5 percent ($4 million) from 2021 and down 47 percent from 2012.

The top five suppliers of U.S. goods imports in 2022 were: China ($536.3 billion), Mexico ($454.8 billion), Canada ($436.6 billion), Japan ($148.1 billion), and Germany ($146.6 billion). U.S. goods imports from the European Union 27 were $553.3 billion. The United States is the largest services exporter in the world.

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Since the 1960s, orbiting observatories have been launched to observe gamma rays (Compton Gamma Ray Observatory and Fermi Gamma-ray Space Telescope), X-rays (Chandra X-ray Observatory and XMM-Newton), ultraviolet radiation (International Ultraviolet Explorer and Far Ultraviolet Spectroscopic Explorer), and infrared ...

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What is a Business Observatory? It is an initiative through which the concerns of professionals and companies are gathered and these needs are transferred to a group of experts to find solutions to them.