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Doing Business In Libya Essay

2835 words - 11 pages

The country of Libya is located in Northern Africa. Libya shares its boarders with the Mediterranean Sea, as well as the African nations of Egypt, Tunisia, Algeria, Chad, Niger, and Sudan. Libya is composed of 1,759,540 sq. km. The capital is Tripoli. In addition to Tripoli another major city of Libya, the 2nd largest in Libya is Benghazi which gained world recognition in 2012, when the American Embassy was attacked. The history of Libya can be simplified in that over time it has been controlled by foreign countries. Libya was ruled over by the Greeks, Romans and several others. In the 7th century A.D., Libya was conquered by the Arabs. This was a key event, because when Libya was conquered by the Arabs, it adopted Islam, and the Arabic language and still remains to be the dominate language, culture and religion. (Libya background notes)
As of July of 2010, Libya had 6,461,454 people, with an annual growth rate of 2.117%. The GDP per capita is only about $13,400. The majority of the population of Libya lives near the coast. Most of the land is not used with “90% of people living in less than 10% of the land.” (Libya background notes) Prior to 1959, Libya was one of the poorest countries in the world. In 1959, Oil was discovered and helped propel Libya to one of the more wealthy countries in the world. (Libya Political Risk Yearbook: country conditions p 11) Libya uses the Dinar as its currency. Libya’s workforce is made up of 59% of service industry jobs, 24% in industry-commerce, and 17% in agriculture. In Libya, 0% of workers are in unions. (Libya Political Risk Yearbook: Social Indicators p 10)

International Trade
Since the discovery of Oil reserves, Libya has seen some growth and would see more if it had less conflict. As of 2009, Libya had exports of $34.24 billion, with 5.27% going to the U.S. The largest portion of its exports goes to Italy, which accounts for 37.65%. The government of Libya controls the country’s oil, which accounts for about 95% of its overall exports. In 2011, the oil production was stopped by OPEC for all of the political violence. Libya saw its exports rise 30.6% in 2012. It also saw its imports rise 43.6% in 2012. (Libya Political Risk Yearbook) In 2012, Libya recorded a trade surplus of 44,650 LYD Million. (Libya Balance of Trade) Libya is able to have a trade surplus due to its large oil reserves.
Exports:
Libya’s volume for exports was 64.77 billion in 2012. Libya saw its GDP rise 104.5% in 2012 this was driven by oil exports. In the past, Libya has produced as much as 1.6 million barrels of oil per day. This number has dropped since Libya has entered a war-state which led to the United Nations imposing sanctions. The sectors of the Libyan economy that are not related to oil or construction have increased to include the production of petrochemicals, iron, steel, and aluminum. Libya is unable to export many agriculture products due to its lack of quality soil and bad...

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