1. Basic situation

Libya (referred to as Libya) is a country in North Africa, located on the southern bank of the Mediterranean Sea, adjacent to Egypt, Sudan, Chad, Niger, Algeria and Tunisia. The capital, Tripoli, has a land area of 1.76 million square kilometers and a total population of 6.913 million. Libya is still in a transition period due to political turmoil and frequent violent incidents. According to data from the International Monetary Fund, Libya's GDP in 2024 will be US$44.8 billion, with a GDP growth rate of 1.9%, and per capita GDP of US$6098. According to China customs data, in 2024, the bilateral trade volume between China and Libya will be US$4.75 billion, a year-on-year decrease of 22.2%. Among them, China's exports to Libya will be US$3.56 billion, a year-on-year decrease of 8.1%; China's self-interest imports will be US$1.16 billion, a year-on-year decrease of 47.2%. China mainly exports small processing machinery, automobiles, engineering machinery and textiles to Libya.

Libya's resources are mainly oil and natural gas, with proven reserves of 48.4 billion barrels and 1.54 trillion cubic meters respectively. Others include iron (reserves of 2 - 3 billion tons), potassium, manganese, phosphates, copper, tin, sulfur iodine, bauxite, etc. Fishery products mainly include tuna, sardines, sponges, etc.

2. Automobile market situation

Libya is a left-hand vehicle country. The automobile market mainly relies on imports, and its imports of used cars dominate. Libya consumers are sensitive to car prices and pay attention to practicality and cost performance. Therefore, mid-to-low-end cars are more popular in the market. For example, some economical cars and pickup trucks in China meet the needs of local consumers with their lower prices and better performance. According to statistics, the top three sources of used car imports in Libya in 2021 are South Korea, the United States, and Belgium, with imports reaching US$217 million, US$108 million and US$46 million respectively. Libya is South Korea's largest export target for used car exports. In 2023, South Korea will export 151,000 used cars to Libya. Although Libya consumers are price-sensitive, as income levels increase, the requirements for car brand and quality are gradually increasing. Well-known brands such as Europe, America, Japan and South Korea account for a certain share in the Libya market due to factors such as reliable quality and advanced technology. However, in recent years, the quality of China brand cars has also been continuously improved, gradually gaining recognition from more consumers.

3. Policies and regulations on used car import

1. Import policy

Libya only allows the import of left-hand rudder vehicles. The age of imported used and passenger cars should not exceed five years. The import of heavy vehicles, forklifts, tractors, trucks, etc. seven years old and above is prohibited.

2. Tax policy

For citizens returning home, the tariff is 10%; for tourists, 25% of the vehicle's value is paid as a deposit, which will be refunded when tourists return.

3. Documents required for import

● Original property right certificate and registration certificate

● Original commercial/purchase invoice

● Copy of passport

● Driving license and international insurance policy

● Original bill of lading

● Certificate of origin

● Import license

● Employment letter (returning residents)

● Insurance policy

Source: "China's Used Car Export Country Guide 2024"

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