Angolan exports to China fell 46.9% in the first quarter, compared to the same period in 2022, while imports from the Asian giant rose 47.5%.
According to data from the National Institute of Statistics (INE) of Angola, exports totalled AOA 1.7 trillion (USD 2 billion) and imports rose to AOA 362.9 billion (USD 435 million). Angolan sales to China are mostly oil products, whose price have dropped in the last few months.
China is Angola’s main trading partner and is also the country’s largest creditor, holding most of Angola’s oil-backed debt payments.
In total, Angolan trade with China in the first three months of the year sank 40.2%.
Angolan exports fell by 32.3% in the same period, while imports rose 12.5%, leading to a trade balance drop of 50.5% compared to the same period last year.
The drop in oil exports led to a fall in the country’s foreign exchange rates, which caused a sharp devaluation of the Kwanza which, with the increase in gasoline, fueled a general rise in prices in the country.
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Oil represented almost 94% of all Angolan exports in the first quarter, with China being the number one destination and India the second.
France, the United Kingdom and the United Arab Emirates also make the top 5 of Angolan customers.
