China was Angola’s main source of imports by June 2022, ahead of Portugal

According to official data, China was the main source of imports for Portuguese-speaking Angola in the second quarter of 2022, with a share of 14.3%, ahead of Portugal.

Data from the National Bank of Angola (BNA) show that imports from Portugal represented 11.6% of total imports, ahead of the Republic of Korea (10.3%), the Netherlands (10.1%), and India (8.0%).

In terms of the origin of foreign direct investment in the petroleum sector, the United States of America (USA), France, and Italy stood out during this period.

In terms of investments in the non-oil sector, South Africa, Belarus, Portugal, and China stand out.

According to BNA, Angola’s current account showed a surplus of about US$3.5 billion, equivalent to 10.8% of GDP and a decrease of 26.7% compared to the previous quarter.

The decline in the current account was caused by the increase in imports of goods and services and the deterioration of the deficit in income and current transfers, despite the increase in exports of goods, but to a much lesser extent, the National Bank said.

The value of goods imports amounted to US$4.5 billion in the second quarter of 2022, compared to US$3.7 billion in the previous quarter, representing a growth of 21.8%.

There was an increase in imports in all categories of goods, focusing on fuels and machinery, mechanical and electronic equipment.

Imports of current consumption goods continue to be the most important, accounting for 67.6% of the total, followed by capital goods at 22.5% and intermediate goods at only 10.0%, BNA adds.

With information from CLBrief