A disruption in oil exports impacted the Arab country’s growth last year, but GDP is expected to benefit from the sector’s expansion in 2025, according to the IMF. Libyans are currently producing nearly 1.4 million barrels per day.
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Growth was recorded in the first two months of the year compared to the same period in 2024.
Achieving high levels of productivity is one of the goals of the National Oil Corporation, according to recent discussions held at the company.
In the full year tally for last year, the United Arab Emirates was the primary Arab destination of Brazilian shoes, followed by Libya and Lebanon. Iraq and Qatar were the only countries to increase their purchases.
The Libyan market imported 1.6 million tonnes of iron ore from Brazil from January to October, a 60% increase compared to the same period last year. It is the largest volume in the current decade.
Commodity sees price increase of up to 3% on Monday (26) due to news on oil production and export.
Brazilian president had a meeting with Chairman of the Libyan Presidential Council Mohammad Al-Manfi on Sunday (18) before returning from Ethiopia to Brazil.
There was a 10.8% drop in revenue and a 16.6% decrease in volume from 2022, according to sector association data. In December, Libya imported USD 730,000.
The IMF mission anticipates normalization of growth one year after the strong performance resulting from the World Cup and estimates that the country’s economy could grow by 5%.
First edition of BFSHOW in Porto Alegre will feature importers from across 29 countries, including Egypt, the United Arab Emirates, Kuwait, and Libya.
Lyba’s ambassador to Brasília, Osama Sawan, visited the headquarters of the Arab-Brazilian Chamber together with Libyan Iron & Steel Company chairman Mohamed Abdulmalek.
A Brazil Africa Institute program is set to get funding from the UAE’s International Cooperation Ministry for training youth to work in healthcare and agriculture.
The federal government issued a statement conveying its solidarity to the families of the victims from the storm in Libya. The death toll stands at 5,000. The Arab-Brazilian Chamber conveyed its solidarity, too.
The Arab Brazilian Chamber organized the companies’ participation and over 1,000 business meetings, helping generate millions in business over the next 12 months.
