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with Sierra Leone is less than 0,5 percent of the total
trade - the value of imports being more than double the
value of exports.
(10) The dominating position of the Federal German Republic
with respect to Liberia's exports is once again shown in
Annex 44« This Annex shows that one third of all iron ore
exported from Liberia finds its way to Germany. Another
E.E.C. member, Italy, comes second. Together they buy over
50 percent of the Liberian iron ore. As has been explained
both Italy and the Federal German Republic have invested
large amounts in Liberia, notably in the Bong Mining Company.
It is surprising to see that one of Liberia's largest
investors, Sw.eden/LAMCO, hardly buys any iron ore
from its own company (excluding here the U.S. participation
in LAMCO J.V.). In practice, the LAMCO produced iron
ore is sold to Belgian and German steel works (see Chapter
8). Iron ore represents between 80 and 90 percent of
the German imports from Liberia. Among the remaining imported
commodities, logs and lumber are the most important
ones.
(11) About 20 percent of the U.S. imports from Liberia consist
of iron ore - mainly explained by Bethlehem Steel's participation
in the LAMCO J.V. The U.S. company shares pro
rata in the iron ore output of the mine in Nimba County
(25$) in conformity with its financial participation in
the mining venture. Rubber is a much more interesting import
commodity for the U.S.A. Not surprisingly so, as
four out of five foreign owned rubber plantations operating
in Liberia are owned by U.S. companies: Firestone,
B.F. Goodrich, The Liberia Company, and the Liberian Agricultural
Company.
(12) Liberia's imports rose from an estimated average of $ 1
million before the Second World War to $ 69.2 million in
1960, whereas another twenty years later they valued over
half a billion dollars (see Annex 41).
(13) In the 1970's imports increased from $ 114.7 million
(1969) to $ 506.5 million (1979). Consumption goods were
the most important import commodities (averaging one
fourth of all imports), immediately followed by Investment
goods (some 25 percent of imports). The import of
crude oil quadrupled its relative share between 1972 and
1979, and in 1979, valued almost as much as all investment
goods together. It should be noted that about one fourth
of the imported investment goods consisted of (spare) parts
and are consequently to be considered as replacement investments.
Actual (net) investments thus valued between $ 59
million in 1975 and | 83.6 million in 1979. In 1977 they
were at their highest level for which fact the importation
of transport equipment for logging operations may well account.
(After that year exports of logs increased steeply.)
(14) Expenditures on imports of consumption goods increased