According to allcitypopulation, Liberia is a small African country located on the western coast of the continent. It is bordered by Sierra Leone to the northwest, Guinea to the north, and Côte d’Ivoire to the east. It has a total area of 111,369 square kilometers (43,000 square miles). The terrain of Liberia consists mostly of low-lying coastal plains with some hills in the interior. The climate is tropical with a rainy season from May to October and a dry season from November to April.
The population of Liberia is estimated at 5 million people as of 2020, with approximately 85% living in rural areas. Approximately 17 ethnic groups make up its population which consists mainly of indigenous Africans and also includes some Europeans and Americans. The official language is English, however there are over 20 indigenous languages spoken as well. Christianity is the predominant religion followed by Islam and traditional African religions. According to Petwithsupplies, the capital city of Liberia is Monrovia with a population of 1.3 million residents (2015 estimate). Other major cities include Buchanan, Gbarnga, Zwedru.
The economy of Liberia has traditionally been based on agriculture but has diversified in recent years due to increased investment in infrastructure and natural resources such as rubber, iron ore and diamonds. In addition, the country has become increasingly reliant on foreign aid for economic development since its civil war ended in 2003.
Despite this growth however poverty remains widespread with an estimated 72% of Liberians living below the poverty line as of 2018 according to World Bank estimates; only slightly better than its regional peers such as Sierra Leone (76%) or Guinea (76%). Unemployment rate stands at around 40%.
In terms of education system; literacy rates remain low compared to other countries in West Africa with only 43% adult literacy rate. There are 8 universities in Liberia including University of Liberia, Cuttington University, African Methodist Episcopal University, United Methodist University etc. Primary education is free but secondary education requires payment which many families cannot afford.
In terms of infrastructure; roadways are often poor or non-existent outside major cities. Railways are limited mainly connecting major urban centers while airports provide access to international destinations. Telecommunications services have improved significantly over recent years due largely foreign investments but still lag behind most developed countries. Electricity supply remains unreliable outside major cities leaving many rural areas without access.
Overall, it can be seen that despite significant development since the end civil war; Liberia still faces numerous challenges such as widespread poverty, poor infrastructure, low literacy rates and high unemployment rates which need to be addressed if it wants to achieve sustained economic growth and reduce inequality among its citizens.
Foreign Trade of Liberia
Foreign trade is an important component of the Liberian economy, as it accounts for a significant portion of the country’s GDP. Liberia’s main exports are rubber, timber, diamonds and iron ore while its imports consist primarily of foodstuffs and manufactured goods. The country is heavily reliant on foreign aid for economic development since its civil war ended in 2003.
Rubber is one of Liberia’s main exports, accounting for around 25% of total exports in 2019. The majority of Liberian rubber is exported to China and India, with smaller amounts going to other countries such as the US and Germany. Timber exports also make up a significant portion of Liberia’s foreign trade; in 2019 it accounted for around 10% of total exports. Much of this timber is exported to China and other Asian countries.
Diamonds are another major export from Liberia; in 2019 they accounted for around 9% of total exports. Diamonds are mainly exported to Belgium and Switzerland due to their expertise in cutting and polishing diamonds. Iron ore makes up another important export from Liberia; in 2019 it accounted for around 8% of total exports with most going to China, India, South Korea and Japan.
In terms of imports; foodstuffs such as wheat, rice, sugar and cooking oil make up a large portion (around 20%) while manufactured goods account for around 15%. Much of these imports come from countries such as the US, China, India and Saudi Arabia due to their competitive prices compared to local suppliers.
In terms of trade partners; the US has traditionally been Liberia’s biggest trading partner although this has decreased significantly since 2003 due largely to increased competition from other countries such as China which now accounts for around 20%of total imports. Other important trading partners include India (12%), Nigeria (7%), Saudi Arabia (6%), UK (5%), France (4%), Germany (4%) etc.
Overall, it can be seen that foreign trade plays an important role in the Liberian economy accounting for a significant portion of GDP. Rubber, timber, diamonds and iron ore make up major exports while foodstuffs & manufactured goods make up major imports. Despite increased competition from countries such as China; the US remains one Liberias biggest trading partners along with countries such as India, Nigeria & Saudi Arabia.
Major Trading Partners of Liberia
The United States of America has traditionally been Liberia’s major trading partner, with the US accounting for nearly 40% of Liberia’s total imports and exports in 2003. This percentage has decreased since then due to increased competition from other countries such as China, which now accounts for around 20% of total imports. India is another important trading partner for Liberia, accounting for 12% of total imports in 2019. Nigeria (7%), Saudi Arabia (6%), the UK (5%), France (4%) and Germany (4%) also make up a significant portion of Liberia’s trade partners.
China is one of the biggest trading partners with Liberia, primarily importing rubber and timber products from the country. In 2019, China accounted for around 25% of total exports from Liberia and around 20% of total imports into the country. Chinese companies are involved in several major initiatives in Liberia, such as investments in infrastructure projects, agricultural production and forestry management.
India is another key trading partner for Liberia; it accounted for 12% of total imports in 2019 and is an important source of foodstuffs such as wheat, rice, sugar and cooking oil that make up a large portion (around 20%) of Liberian imports. India also provides manufactured goods to the country at competitive prices compared to local suppliers.
Nigeria is another important trading partner accounting for 7% of Liberian imports in 2019; primarily petroleum products which are essential to meet energy needs within the country. The two countries have also signed a number of agreements on trade facilitation which aim to increase bilateral trade between them.
The UK is another significant trading partner with 5%of Liberian exports going there in 2019; primarily diamonds exported due to their expertise in cutting and polishing diamonds as well as rubber products exported mainly by British companies operating out of Liberia through its subsidiary companies or joint ventures with local firms. The UK government has been supporting trade between the two countries through various initiatives such as providing funding towards feasibility studies on potential investment opportunities.
Saudi Arabia is yet another important trading partner accounting for 6%of Liberian imports; primarily petroleum products but also some manufactured goods. The Saudi government has provided assistance towards development projects within Liberia through various initiatives, including providing funding towards agricultural projects.
France & Germany are other important trading partners, both accounting for 4 %of Liberian exports; exporting diamonds & rubber products respectively. France & Germany have been active participants through various programs aimed at assisting Liberians, including providing technical assistance & training support towards development projects within Liberia.
Overall, it can be seen that foreign trade plays an important rolein the Liberian economy, accounting for a significant portion of GDP. Rubber, timber, diamonds & iron ore make up major exports while foodstuffs & manufactured goods make up major imports. Despite increased competition from countries such as China; the US remains oneLiberias biggest trade partners along with countries such as India, Nigeria& Saudi Arabia.
Major Imports and Exports of Liberia
Liberia is a small West African nation located on the Atlantic coast. The country has suffered from civil war and economic decline, but it is slowly rebuilding its economy. Liberia’s main exports are rubber, iron ore, timber, diamonds, and palm oil. Rubber accounts for the majority of Liberia’s exports; it is estimated that in 2019, rubber exports accounted for nearly 70% of total exports. Iron ore comes in second place with around 20%. Timber and diamonds are also significant sources of export income for the country.
In terms of imports, Liberia relies heavily on food and fuel imports to meet basic needs. In 2019, food imports accounted for approximately 45% of total imports while fuel accounted for around 25%. Other important imports include machinery, chemicals and pharmaceuticals which account for around 10% each of total imports. Additionally, Liberia also imports clothing and textiles which account for around 5% of total imports.
The majority of Liberia’s trading partners are located in Europe with Germany being the top export destination followed by the Netherlands and Belgium. Other important trading partners include China, India and South Africa who together account for nearly 20% of all exports from Liberia. The United States is also an important trading partner accounting for around 10% of all Liberian exports.