By Brian Okoth
Angola posted positive trajectory in foreign trade in 2022 after its exports grew by 9.91 per cent, the latest report by the National Institute of Statistics (INE) shows.
At the same time, its imports also grew by 14.42 per cent.
The country recorded a trade surplus of 14.9 billion Angolan Kwanza ($27.6 million), which was an increase by 7.59 per cent compared to 2021. In the previous year, Angola’s trade balance was 13.8 billion Kwanzas.
China, India, France, the Netherlands and Spain were Angola’s biggest trading partners in 2022.
Mineral fuels accounted for nearly 95 per cent of Angola’s exports to the mentioned countries. Pearls, stones, precious metals among other commodities made up the remaining 5 per cent.
China, Portugal, South Korea, the Netherlands and India were the countries where Angola sourced most of its imports.
Machines, food, chemicals and vehicles accounted for most of Angola’s imports from the highlighted nations.
In Africa, Angola exported most of its products to South Africa (nearly half of its exports on the continent), Malawi, the Democratic Republic of Congo, Sao Tome and Principe and Togo.
Most of Angola’s imports from Africa came from South Africa (55 per cent), Togo, Namibia, Morocco and Egypt in that particular order.
Fuels and lubricants were Angola’s gem when it came to the export market.
At the same time, the country’s industrial production increased by 3.4 per cent in 2022 compared to 2021.
Highly active industries and a flourishing manufacturing sector were attributed for the growth in production.
