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Exports, imports and consumption of agricultural products in a rapidly growing economy: the case of Libya



Exports, imports and consumption of agricultural products in a rapidly growing economy: the case of Libya



Fm Economist, Oxford, 11: 3, 120-34



Annual data for the period since 1954 was used to estimate Libyan export and import functions for agricultural products. Income and relative price variables gave a good explanation of changes in export supply and import demand and in both functions the parameter estimates were of the correct sign and statistically significant. No data exists in Libya for expenditure on agricultural products and therefore no direct estimate of income elasticity could be made.

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