China Remains Main Origin for Angolan Imports in 2023

by: Jessica Ferreira

In 2023, China remained the leading country of origin for Angolan imports, representing 15% of the total value of imports, with USD 2.3 billion (2.7 billion dollars in 2022), according to official data.

The value of Angolan imports fell 13% in 2023 compared to the previous year, to USD 15 billion (14 billion euros), with imports of foodstuffs (33%), chemicals and fuels falling the most, according to the annual report of the National Bank of Angola (BNA).

Chinese imports lost ground to the increase in imports from other sources, which rose in 2023, such as the United Arab Emirates, the United States of America and the United Kingdom.

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At the same time, the Angolan central bank’s report for 2023 shows a year marked by dynamic inflation in the first half of the year.

With the reduction in state subsidies for gasoline, the shock to the exchange rate resulted in a depreciation of the national currency against the dollar of around 13.08% and 29.07% in May and June, respectively, which forced the bank to stop easing monetary policy and keep rates unchanged until the fourth quarter, in the face of inflationary pressures.

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