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Libya is the seventh largest trade partner of Turkey in Africa by 2011.
In order to complete the legal framework of bilateral commercial and economic relations, Turkey and Libya have signed a number of agreements, including Agreement on Enhancing Economic and Technical Cooperation (1975) and Bilateral Investment Promotion and Protection Agreement (2009).
Libya was Turkey’s 41st largest goods export market in 2011.
Turkish goods exports to Libya in 2011 were 747 million $, down 61.3% (1.9 billion $) from 2010, and up 1008% from 2001.
The top 5 export categories (2-digit SITC) for 2011 were: Animal and vegetable oils, fats and waxes (157 million $), Articles of apparel and clothing accessories (70 million $), Iron - steel, (55 million $), Manufactures of metals, n.e.s (48 million $) and Textile yarn, fabrics, made-up articles, n.e.s. (46 million $).
Turkish goods imports from Libya totaled 139 million $ in 2011, down 67.1% (425 million $) from 2010, and decreased 83% from 2001.
The top 5 imports categories (2-digit SITC) for 2011 were: Petroleum, petroleum products and related materials (55 million $); Plastics in primary forms (26 million $); Organic chemicals (19 million $); Manufactures of metals, n.e.s (9 million $) and Iron and steel (5 million $)
The trade surplus of goods with Turkey was 607 million $ in 2011, 59% decrease (1.5 billion $) over 2010.
Contracting and Consultancy Services
Libya is the most significant market for Turkish contractors in Africa. Turkish firms held and are holding 525 projects in Libya with a total value of 26.3 billion dollars up until now.
Turkish foreign direct investment (FDI) in Libya amounts around 500 million $.
There are 121 Libyan companies operating in Turkey, mainly in wholesale and retail commerce and manufacturing sectors.