Liberia

Liberia is a beneficiary of the EU's "Everything but Arms" (EBA) scheme for least developed countries. With a per-capita income of $ 680 in 2022, the World Bank classifies Liberia as a low-income economy. Overall EU imports from Liberia increased during the last year and stood at EUR 545 million in 2022. Liberia did not make use of EBA preferences in 2022.

What is the EBA?

The “Everything but Arms”(EBA) scheme is a permanent arrangement covering Least Developed Countries (LDC’s) as classified by the United Nations. This arrangement enables duty-free and quota-free access for all products (7200 products in total) originating in LDC’s except for arms and ammunition. Different from the Standard GSP and GSP+, LDC’s are not excluded from the scheme if they benefit from other preferential arrangements.

Liberia flag

At a glance: EBA beneficiaries' preferential imports to the EU

group

5,30 M

Population

account_balance
Presidential Republic

Government

trending_up

4.80%

GDP Growth

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8.00%

Inflation

money

$ 4,00 B

GDP

64 ^

Freedomhouse index

4 ^

ITUC Global Rights Index

24.9 ^

Environmental Performance Index

Facts about Liberia's economy

West African Economy

Located in West Africa, Liberia is a market-based economy which is mainly dependent on its natural resources, foreign direct investment, and foreign aid.

Export Products

Liberia's most important export products are boats (including cruise ships and light vessels), iron ores, gold, and natural rubber. Liberia has the second largest ship registry in the world and the fleet represents about 12% of the world's ocean-going fleet.

Trade Partners

Ivory Coast, India, and the EU are Liberia's most important trading partners, together accounting for over 45% of overall trade. Switzerland followed by the EU and the US are the most important export markets for Liberian products.

Economic Structure

The Liberian economy is dominated by the agricultural sector. The most important cash crops include coffee, cocoa, oil palm, sugarcane, and rice. Additionally, rubber and timber are being produced. The country is rich in resources and has large reserves of iron ore but also possess diamond and gold deposits. Mining is the cornerstone of the manufacturing sector.

Usage of EBA Preferences

The utilisation of EBA preferences was low in recent years. However, together with an increase in eligible imports from Liberia, the preference utilisation rate climbed to a record high of 97.5% in 2022.

Trade with the EU

Total trade with the EU summed up to €2,627 million in 2022. The EU is Liberia's third most important trading partner with a share of almost 13%.

Liberia and the EU (2022)

Imports from Liberia by product section

Imports from Liberia over time (in € m)

LIBERIA AND THE EU’s GSP

Economic Impact

9%

Only a tiny share of Liberia's exports to the EU market are eligible for preferences granted under the EU's EBA.

97.50%

Liberia currently uses preferences granted by the EBA for about 98% of its eligible exports to the EU market.

Preference utilisation and export diversification

Liberia's imports to the EU

Preference Utilisation vs. total eligible imports

Liberia’s preference utilisation rate was very low until 2019, when the curve raised and in 2022 stood at 97.5%. Overall, however, only a small fraction of total imports from Liberia is eligible for EBA preferences. The most prominent export products, including minerals and transport equipment, already benefit from zero third country duties.

The largest product sections under EBA

With exports being concentrated on goods that already have free access to the European market, Liberia’s exports under the EBA were limited to exports of live trees and plants. In previous years, exports under the EBA also included articles of stone and plastic, as well as garments and headgear.

SUSTAINABLE DEVELOPMENT

The preferential access to the EU market granted by the EBA scheme is not bound to the ratification of international conventions. Nonetheless, Liberia maintains a high level of ratification of international conventions. The country has ratified 13 of the 15 international conventions on human and labour rights. Additionally, Liberia has ratified 8 environmental protection conventions and 4 conventions on good governance.

Core international conventions on human rights and labour standards

Ratified

  • Convention on the Prevention and Punishment of the Crime of Genocide (1948)
  • International Convention on the Elimination of All Forms of Racial Discrimination (1969)
  • International Covenant on Civil and Political Rights (1976)
  • International Covenant on Economic Social and Cultural Rights (1976)
  • Convention on the Elimination of All Forms of Discrimination Against Women (1981)
  • Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment (1987)
  • Convention on the Rights of the Child (1990)
  • Convention concerning Forced or Compulsory Labour, No 29 (1930)
  • Convention concerning Freedom of Association and Protection of the Right to Organise, No 87 (1948)
  • Convention concerning the Application of the Principles of the Right to Organise and to Bargain Collectively, No 98 (1949)
  • Convention concerning the Abolition of Forced Labour, No 105 (1957)
  • Convention concerning Discrimination in Respect of Employment and Occupation, No 111 (1958)
  • Convention concerning the Prohibition and Immediate Action for the Elimination of the Worst Forms of Child Labour, No 182 (1999)

Not Ratified

  • Convention concerning Equal Remuneration of Men and Women Workers for Work of Equal Value, No 100 (1951)
  • Convention concerning Minimum Age for Admission to Employment, No 138 (1973)

Additional Conventions

  • Convention on International Trade in Endangered Species of Wild Fauna and Flora (1973)
  • Montreal Protocol on Substances that Deplete the Ozone Layer (1987)
  • Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal (1989)
  • Convention on Biological Diversity (1992)
  • The United Nations Framework Convention on Climate Change (1992)
  • Cartagena Protocol on Biosafety (2000)
  • Stockholm Convention on persistent Organic Pollutants (2001)
  • Kyoto Protocol to the United Nations Framework Convention on Climate Change (1998)
  • United Nations Single Convention on Narcotic Drugs (1961)
  • United Nations Convention on Psychotropic Substances (1971)
  • United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
  • United Nations Convention against Corruption (2004)

EU-Liberia Bilateral Development Assistance

DG INTPA

Access all info about EU-Liberia relations on the International Partnerships website: https://international-partnerships.ec.europa.eu/countries/liberia_en

Opportunities in Liberia

  • Liberia possesses a rich deposit of natural resources, iron ore in particular
  • Favourable climatic conditions to expand agricultural activities
  • Comparatively stable political environment

Contact points