Bulgarian Libyan trade in first eight months of 2024 up to more than USD 337 million – up from USD 173.9 in 2023

Sofia: Trade between Bulgaria and Libyan rose significantly to more than USD 337 million in first eight months of 2024 – up from USD 173.9 in 2023.

The news was revealed yesterday during a Bulgarian Libyan Economic Forum organised by the Bulgarian Chamber of Commerce and Industry (BCCI), the Embassy of Libya in Sofia and the General Union of Libyan Chambers of Commerce – the Bulgarian Ministry of Economy and Industry press service said, according to the Bulgarian News Agency.

Bulgarian Caretaker Minister of Economy and Industry Petko Nikolov, who inaugurated the event, reported that there is a growing interest in mutually beneficial cooperation. He said trade between the two countries in the first eight months of 2024 reached more than USD 337 million, marking a significant increase compared to the same period of 2023.

In 2023, bilateral trade between Bulgaria and Libya reached USD 173.9 million, while Bulgarian exports were worth USD 171.8 million, according to data on the Economy Ministry website. Among the leading commodities in Bulgaria’s exports to Libya in 2023 were petroleum oils and bituminous mineral oils other than crude, while ammonia was a leading product in imports.

More than 40 Bulgarian and Libyan companies in the fields of food industry, pharmaceuticals, medical products and agricultural machinery took part in the forum, which was attended by the Libyan Ambassador to Bulgaria Abu Baker A. Saeed Saleh, Head of the Tripoli Chamber of Commerce Anwar Abu Sitta, Bulgarian Chamber of Commerce and Industry President Tsvetan Simeonov, among others.

Caretaker Minister Nikolov said that key areas for cooperation could be agriculture, food industry, information and communication technologies, tourism, healthcare, mechanical engineering and chemicals. He pointed out that there are bilateral opportunities to develop the existing potential in areas of interest to the Bulgarian economy, such as energy, trade and economic cooperation, the supply of bread wheat, animal feed and other agricultural products, as well as opportunities for Bulgarian companies to participate in the reconstruction of Libya.