Increased export performance and growth trajectory of African continent in general and Libya in specific with Asian Nations

Abstract

The trade relations between Africa and Asian nations are consistently growing, especially with India and China. When we observe the growth trajectory of African nations and more specifically, Libya in the last three decades, the economic growth is stimulated due to the fast-paced growth and developments in oil market. The highest dollar value achieved by Libya due to the export of hydrocarbon products including oil to select Asian nations, notably India. The rising middle classes in Asia's developing economic giants, China and India are driving these steady flows, as are the rising economic growth in Sub-Saharan Africa (SSA), which is increasing the demand for Asian manufactured goods. When we study the changing pattern of exports and imports of Africa, there is a consistent growth from 1990 onwards, with even more sustained momentum after the year 2005. Among leading nations in north Africa, Libya has been striving to increase its global economic performance by liberalizing their business policies and the entire business world looks towards Libya to establish their new business foot prints.