China was Angola’s main source of imports until june 2022

 

China was Angola’s main source of imports in the second quarter of 2022, with a share of 14.3%, ahead of Portugal, according to official data.

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

Regarding the origin of foreign direct investment destined to the oil sector, the United States of America (USA), France and Italy stood out in the period.

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As for investment in the non-oil sector, the highlight goes to South Africa, Belarus, Portugal and China.

According BNA data, Angola’s Balance of Payments current account had a surplus of around USD 3.5 billion, equivalent to 10.8% of GDP, a decrease of 26.7% in relation to the previous quarter.

The decline in the current account was driven by the increase in imports of goods and services, as well as the worsening of the deficit in income and current transfers, despite the increase in exports of goods, but at a much lower magnitude, the national bank said.

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The value of imports of goods, in the second quarter of 2022, was USD 4.5 billion against the USD 3.7 billion of the previous quarter, a growth of 21.8%.

In all categories of goods, with emphasis on fuels and machinery, mechanical and electronic appliances, there was an increase in imports.

The majority of current consumption goods continue to be imported, with a weight of 67.6% of the total value, followed by capital goods with 22.5% and intermediate consumption goods with only 10.0%, BNA adds.

 

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