The data is contained in the Barometer of Managers in Angola, carried out by the Chamber of Commerce and Industry Portugal – Angola (CCIPA), in partnership with the consultancy PwC and the Agency for Investment and Foreign Trade of Portugal (AICEP) presented this Wednesday in Luanda.
Angola, which was ranked as the third most important non-EU export market for Portugal (just behind the USA and the United Kingdom) is now the 13th customer of Portuguese exports (falling four places), reveal the statistics for the first nine months of 2024, mentioned in the Barometer.
In 2023, exports of goods and services from Portugal to Angola reached 2.2 billion euros, surpassing the pre-pandemic values of 2019 (+6.2 percent), but, from May 2023, there was a slowdown of 8.9 percent, in annual terms.
Portugal still remains Angola's 2nd main supplier, behind only China, maintaining a favorable trade balance for Portugal, which mainly exports machinery, industrial supplies and food and beverage products that represent more than 50 percent of total exports, with emphasis on medicines, wines, and parts of machines and devices.
In the case of Angola, 95 percent of goods sold to Portugal relate to fuels.
In 2023, Angola exported 271 million euros to Portugal, a reduction of 56.6 percent compared to last year, reflecting the decrease of almost 61 percent in oil exported.
Angolan agricultural products have gained relevance in Portuguese imports, reaching 21 million euros (+20 percent compared to 2022) and almost 8 percent of total imports.
Between January and September 2024, Angola assumed the position of Portugal's 48th supplier, falling seven places compared to 2023.
Between 2019 and 2023, trade in tradable goods (excluding services) between Portugal and Angola totaled, on average, 1,149 million euros in exports and 488 million euros in imports.
There are around five thousand Portuguese companies exporting to Angola and 1250 companies with Portuguese or mixed capital operating in the Angolan market.
Portugal's Direct Investment in Angola, in June 2024, was 1,701 million euros, representing 2.5 percent of total Portuguese direct investment abroad, placing Portugal in 10th position in the table of the 62 countries that invest the most in Angola (-8.7 percent compared to the same period last year).
The report highlights that, "while public and private efforts to increase Portuguese investment in Angola are ongoing, Portugal is already among the main destination countries for Angolan investment" and, despite the drop in FDI in 2020, investment in Portugal it stood at 5,704 million euros in 2023 – even surpassing the record from the year before the covid-19 pandemic.
