According to a note from the economic studies office of Banco Fomento Angola (BFA), sent to customers and to which Lusa had access, this improvement in the balance between exports and imports essentially contributed to the evolution of oil.
In the note that reports an improvement in the trade balance from 9.9 billion dollars in 2020 to 21.3 billion dollars, BFA highlights the "recovery of exports by around 57 percent, to 32,000 million dollars, with crude oil exports up 50 percent over the previous year".
In addition, the analysts add, "diamond sales abroad increased by 45 percent compared to 2020, and other exports rose by 139 percent, in particular, exports of liquefied natural gas (LNG) will have had a very significant impact, due to the very high price in the second half of the year", the analysts add.
According to BFA, imports grew by 20 percent in 2021 compared to the previous year, "with emphasis on the import of non-food goods, since purchases of foodstuffs abroad decreased by 8 percent last year, being below of 2 billion dollars – this is the fourth consecutive year of decline, and marks the beginning of a process of import substitution in foodstuffs".
Fuel imports more than doubled, with a growth of 107 percent, which is essentially explained "by the effect of the higher oil price", while other imports rose 17 percent, the note concludes.
