Portuguese exports to Angola grew almost 60% in 2022

In 2022, trade between Portugal and Angola saw a significant rise, with exports to Angola expanding by nearly 60% to EUR 2.4 (US$2.7) billion.

This upward trajectory extended into the initial months of 2023, according to the Portuguese ambassador in Luanda, Francisco Alegre Duarte.

During the VI Portugal | Angola Business Meeting hosted by the Portugal – Angola Chamber of Commerce and Industry (CCIPA), Duarte acknowledged the resilience of many Portuguese companies during the Covid-19 pandemic.

He highlighted 2022 as a year of recovery, with Angola ranking as the third most important non-European Union market and ninth overall for Portuguese exports, nearing 2018 levels.

Data suggests that 2022 marked the first year since 2017, when the number of Portuguese businesses exporting to Angola rose.

Over 4500 Portuguese companies now export to Angola, with around 1200 either Portuguese-owned or having mixed capital operating directly in Angola’s market.

The first four months of 2023 saw further growth in goods and services exports to Angola from Portuguese companies, showing a year-on-year increase of 12.3%, totaling EUR 775 million.

Duarte recognized Portugal as a significant partner in diversifying Angola’s economy and improving human capital.

Reflecting this, the ceiling of the Financing Line was extended from 1500 to 2000 million euros, showcasing confidence in Angola and augmenting Portuguese firms’ capabilities.

Duarte acknowledged current economic challenges, including inflation control and currency fluctuations, but expressed optimism about the Angolan government’s stabilizing measures.

Furthermore, he highlighted the government’s announcement of financial and fiscal measures to stimulate national production and economic growth and mitigate cost of living increases for Angolans.

Duarte emphasized the role of Portuguese companies in the economic relations between Portugal and Angola and expressed confidence in their commitment to assist in Angola’s economic diversification efforts.

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