ملخص
Abstract This study aimed to analyze the relative importance of foreign trade in the Libyan economy during the period from 1970 to 2024. The findings indicate that the Libyan economy is largely a rentier economy heavily dependent on oil revenues. The contribution of exports and imports to Gross Domestic Product (GDP) passed through four major stages. The first stage, covering the 1970s, was characterized by relative economic stability and steady positive growth without major economic disruptions, mainly due to rising oil prices. The second stage included the period of U.S. economic sanctions on Libya, followed by the international sanctions and restrictions on air travel imposed during the 1980s and 1990s after the Lockerbie incident. The third stage marked the beginning of the new millennium and was considered one of the most politically and economically stable periods following the lifting of international sanctions. The final stage, which followed the events of 2011, was marked by an increasing and concerning dependence on imports, accompanied by severe instability and sharp fluctuations in imports' contribution to real GDP. This ratio declined to less than 25% as a result of successive shocks, including wars, sanctions, and the collapse of oil prices. The study also recommended adopting economic policies to promote a balanced, well-planned strategy for trade openness, improving the management of oil revenues to direct them toward sustainable development and investment projects, and enhancing logistical services to facilitate the movement of exports and imports. Keywords: Foreign trade theories, trade openness, relative importance, real Gross Domestic Product (GDP).