Angolan stats show shift in trade patterns

A clear shift in trade from west to east can be seen in figures released by the Angolan Customs Service. The statistics show that imports fell by 12.5% in 2010 to US$18.1 billion, whilst exports rose 2.1% to US$52.3 billion, leaving a surplus of US$30,54 billion. Portugal remained the main supplier, but its share was reduced substantially, while trade with the Netherlands and the United States increased. “In the case of imports, over the past two years there has been greater geographical diversity and the main suppliers have seen a drop in the share,” Portuguese bank BPI said in its analysis of the figures. China was by far the biggest destination, with a 40% share of the total, or US$22.1 billion, mainly in oil. Over 96% of Angola’s export earnings are from oil. BPI, which controls Angolan Banco Fomento, says recent moves by the Angolan National Bank to provide more liquidity in the market should stimulate private sector investment.