Luanda – Angola has boosted its balance of trade surpluses by reducing imports and increasing exports, and has China as its main customer, official Angolan statistics showed.
According to the latest report from Angola’s Customs Service, imports fell by 12.5 percent in 2010 to US$18.1 billion, whilst exports rose 2.1 percent to US$52.3 billion.
The balance of trade thus posted a surplus of US$30.54 billion and the current account was positive, exceeding the government’s projections and “recovering from the negative performance of 2009,” noted Portuguese bank BPI in its latest report on the Angolan economy.
“In 2011, with the expected consolidation of the movement for the recovery of the oil business and the policy to protect industries that replace imports by applying more tax and customs barriers, the trends seen in 2010 are expected to intensify,” noted the Portuguese bank, which has a controlling stake in Angola’s Banco Fomento.
In this scenario, it said, “the current account balance should gradually improve,” and according to the International Monetary Fund (IMF) should reach 1.4 percent.
Angola’s foreign trade figures in 2010 showed a change in the geographical distribution of Angola’s trade. Portugal remained as the main supplier, but its share was reduced substantially, whilst trade with the Netherlands and the United States increased.
“In the case of imports, over the last two years there has been greater geographical diversity and the main suppliers have seen a drop in the share,” BPI said.