Economic Analysis of Libyan Imports for The Most Important Vegetable Oils Using Almost Ideal Demand System During The Period (1990-2013)
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Vegetable Olis, Flexibilities, Imports of Libya, Semi-Optimal Demand Model
Abstract
The main aims of this study were to estimate the Almost Ideal Demand System (AIDS) for the Libyan imports of the most important vegetable oils (corn oil, soybean oil, and sunflower oil) during the period (1990-2013), as well as to evaluate the imports' development and per capita of these oils during the same period. The methodology of this study is based on the use of both descriptive and econometric methods analysis approaches to achieving its objectives. The most important results obtained were that imports of the three oils (corn oil, soybean oil, and sunflower oil) have increased with an annual growth rate of 1.7%, 5.2%, and 9.1%, respectively, during the period of study. The statistical estimation obtained from the Almost Ideal Demand System on the imports of these oils showed an inverse relationship between the prices of soybean oil and corn oil and sunflower oil and the percentage of expenditure on it. The correlation between soybean oil, corn oil, and sunflower oil is based on intermittent demand flexibilities; that means soybean oil, corn oil, and sunflower oil are essential commodities for the Libyan consumer.
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