A recent report from the Liberia Institute of Statistics and Geo-Information Services (LISGIS) has released Liberia’s external trade statistics, providing values in exports and imports.
The trade statistics for 2024 reveals economic activity, recording a total trade value of USD 2.64 billion. This figure comprises USD 1.03 billion in exports and USD 1.61 billion in imports, resulting in a trade deficit of USD 567.06 million.
The country’s export sector was primarily driven by gold, rubber, and iron ore, which collectively accounted for over 96% of total export earnings. Gold led the pack with a staggering USD 1 billion, followed by rubber and iron ore contributing USD 130.47 million and USD 106.36 million, respectively. Other significant exports included palm oil and precious stones, which earned USD 15.55 million and USD 12.05 million.
On the import front, Liberia’s economy relied heavily on petroleum products, which alone accounted for USD 662.01 million. Rice and cereals followed, with imports valued at USD 357.51 million. Motor vehicles (USD 167.80 million) and lamps and lighting products (USD 29.96 million) also featured prominently in the list of imported goods.
The report highlights Liberia’s main trading partners. Switzerland emerged as the leading export destination, absorbing USD 931.69 million worth of goods, followed by the United States (USD 649.52 million) and the United Kingdom (USD 155.39 million). On the import side, China dominated with imports worth USD 1.01 billion, followed by India (USD 282.86 million) and Côte d’Ivoire (USD 237.25 million).
The monthly trade data paints a dynamic picture of economic activity throughout the year. August recorded the highest trade volume at USD 247.09 million, while January and February had relatively lower figures. These fluctuations underscore the seasonal trends and global market influences impacting Liberia’s trade.
In a related development, Liberia achieved a historic milestone in October 2024 when it was elected to chair the Statistical Commission for Africa during the 9th African Statistical Conference in Addis Ababa, Ethiopia. This achievement is expected to bolster Liberia’s role in advancing statistical systems, not just locally but across the continent.
The Chairman of LISGIS expressed a commitment to leveraging this position to promote sustainable development and regional integration through robust data systems.
Economic Implications
While the trade figures reflect Liberia’s active participation in global trade, the substantial trade deficit of USD 567.06 million highlights the need for economic diversification and enhanced local production. The heavy reliance on a few key commodities, both for exports and imports, underscores vulnerabilities that could be addressed through policy interventions and investments in value-added industries.
Liberia’s trade performance for 2024 serves as a critical barometer for its economic trajectory, offering insights into areas that require strategic focus to foster sustainable growth and reduce dependency on imports. The government and private sector stakeholders are urged to capitalize on these statistics to shape policies and programs that enhance the country’s trade competitiveness.
