From January to September 2024, Portugal’s exports to Angola totaled €753.1 million, a decrease of €229.6 million compared to the same period in 2023, reflecting a 23.4% decline.
As a result, Angola has fallen four places in Portugal’s export rankings, now positioned as the 13th largest destination for Portuguese goods, down from 9th place since 2019. Despite this, Portugal remains Angola’s second-largest supplier, after China.
These figures are part of the Barometer of Managers in Angola, a report conducted by the Portugal-Angola Chamber of Commerce and Industry (CCIPA), in partnership with PwC and the Portuguese Agency for Investment and Foreign Trade (AICEP).
In 2023, Portugal’s total exports to Angola reached €2.2 billion, surpassing pre-pandemic figures from 2019 by 6.2%. However, since May 2023, there has been a slowdown of 8.9% year-over-year.
Despite the decline in exports, Portugal remains Angola’s second-largest supplier, with a favorable trade balance.
Portugal primarily exports machinery, industrial supplies, food, and beverages, which together account for more than 50% of its exports to Angola, including pharmaceuticals, wine, and machine parts.
Angola’s agricultural products have gained importance in Portuguese imports, reaching €21 million (+20% compared to 2022), now representing almost 8% of total imports.
From January to September 2024, Angola ranked as Portugal’s 48th largest supplier, falling seven spots compared to 2023.
Between 2019 and 2023, trade exchanges of goods (excluding services) between Portugal and Angola averaged €1.15 billion in exports and €488 million in imports.
Around 5,000 Portuguese companies export to Angola, and approximately 1,250 companies with Portuguese or mixed capital operate in the Angolan market.
As of June 2024, Portuguese direct investment in Angola stood at €1.7 billion, representing 2.5% of the total Portuguese foreign direct investment.
