Tripoli: Libya has significantly increased its iron ore imports from Brazil, with a reported 1.6 million tonnes brought in from January to October this year. This marks a 60% rise compared to the same period last year.

According to Libyan News Agency, foreign trade data from Brazil’s Ministry of Development, Industry, Commerce, and Services reveal that Libya spent USD 209 million on Brazilian iron ore in the first ten months of the year. This expenditure represents a 64% increase from 2023, when the cost was USD 127.4 million. The higher increase in value compared to volume suggests that the iron ore was exported at slightly higher prices than last year.

This surge in imports marks the highest level of Libyan purchases of Brazilian iron ore in this decade. Historical data shows that in 2002, Libya imported only 300,000 tonnes, amounting to USD 46.8 million. In more recent years, 2021 saw imports of 450,000 tonnes for USD 102.8 million, and in 2020, the purchase was 300,100 tonnes valued at USD 28.1 million
. This year, iron ore remains the principal product in Brazil’s exports to Libya.