In the first quarter of the current year, Angola’s exported goods generated a substantial revenue of $8.8 billion.
A significant portion of this revenue, $8.2 billion, came from the sale of crude oil and gas, while $431 million was earned from the commercialization of ores.
Economist Daniel Sapateiro presented these figures in Luanda during the 2nd International Trade Forum. The event brought together sector experts and government officials to discuss “The Current Context of Foreign Trade in Angola” and “Elimination of Barriers to Foreign Trade.”
The aim was to create a more favorable business environment for transactions and trade balance.
Sapateiro’s data revealed that imports in the first quarter totaled $3.1 billion. Of this amount, $198 million was spent on chemical products, $311 million on construction materials, and $487 million on various other materials.
Food imports accounted for $509 million, while fuel purchases amounted to $735 million. Additionally, $798 million was spent on purchasing machinery.
Foreign Direct Investment (FDI) in 2023 was significant, with $8.6 billion invested in the oil sector and $124 million in the non-oil sector.
In the first quarter of 2024, FDI records show $2.1 billion in the oil sector and $133 million in the non-oil sector.
The increase in export revenue is attributed to higher volumes and prices of oil sold. The price per barrel rose from $78 to $82.3, while production increased from 1.08 million barrels per day to 1.13 million barrels per day.
These figures underscore the critical role of the oil and gas sector in Angola’s economy, while also highlighting the country’s efforts to diversify its revenue sources through increased ore exports and foreign investments in non-oil sectors.
