Angola's Export Trade: A Comprehensive Overview

Angola exported goods and services worth US$45.4 billion in 2022, making it the 58th largest exporter in the world. Crude oil is the country's major export item, accounting for more than 90% of total exports. In 2021, Angola's exports of crude oil to China alone were valued at nearly US$14.2 billion. In addition to crude oil, Angola also exports small quantities of diamonds, coffee, sisal, and fish. Angola's main export partners are China, the United States, India, France, Taiwan, and South Africa.

Angola's top exports

Angola's economy is heavily reliant on its oil sector, with oil production contributing around 50% of its GDP, 70% of government revenue, and over 90% of exports. Crude petroleum is the country's top export, with a value of $39.4 billion in 2022. The second-largest export is petroleum gas, which earned Angola $6.62 billion in the same year. Diamonds are also a significant export, contributing $5.02 billion to the economy in 2022.

In addition to these primary exports, Angola also exports refined petroleum ($837 million), special-purpose ships ($574 million), and small quantities of other natural resources such as natural gas, coffee, sisal, and fish.

China is Angola's primary export partner, receiving more than 40% of its total exports, followed by the United States, India, France, Taiwan, and South Africa. In 2021, Angola's exports of crude oil to China alone were valued at nearly $14.2 billion, highlighting the dominance of this commodity in the country's trade.

While Angola's economy is heavily dependent on the oil sector, there are efforts to diversify, with potential for growth in agriculture, industry, mineral exploration, and infrastructure development.

Angola's export partners

Angola's exports are largely driven by its oil sector, with crude oil accounting for more than 90% of its total exports. In 2021, Angola's exports of crude oil to China were valued at nearly 14.2 billion US dollars, making China the main destination for Angolan oil. Angola's other top export partners for crude oil include India, the Netherlands, France, and the United Arab Emirates.

In addition to crude oil, Angola also exports significant quantities of petroleum gas, diamonds, refined petroleum, and special-purpose ships. Angola's second-largest export partner is India, receiving a significant portion of the country's petroleum gas and diamonds exports. The Netherlands is another key partner, importing petroleum and gas, as well as being a growing market for Angolan exports with a 1250% increase in trade value between 2021 and 2022. France is also a significant export partner, receiving a notable amount of Angola's diamond exports, and the United Arab Emirates is another key market for Angolan petroleum products.

The United States is also a major export partner for Angola, primarily receiving petroleum exports, along with smaller shipments of diamonds and wood. Angola's exports to the US market have been increasing, with a 46.7% increase in exports between 2021 and 2022. Angola's strategic partnership with the US provides opportunities for further diversification of exports beyond the oil sector, particularly in agriculture, industry, and mineral exploration.

Overall, Angola's exports are heavily concentrated in the oil and gas sector, with China and India being the largest importers of these commodities. However, the country has been working to diversify its economy and explore new export opportunities in other sectors, with potential for growth in markets like the US, France, and the Netherlands.

Angola's export opportunities

Angola's exports are heavily focused on oil, with crude oil accounting for more than 90% of total exports. In 2021, Angola's exports of crude oil to China were valued at nearly 14.2 billion US dollars, making China the main destination for this commodity. Other top export destinations for Angola's crude oil include India, the Netherlands, France, and the United Arab Emirates.

However, Angola does have some diversification in its exports, with other significant exports including petroleum gas, diamonds, refined petroleum, and special-purpose ships. Angola is also a producer and exporter of natural gas, liquefied propane, cargo vessels, and unworked industrial diamonds.

In terms of export opportunities, there are several sectors where Angola has the potential to expand its exports. Firstly, given the country's focus on diversifying its economy and building domestic production capacity, there are opportunities for growth in sectors such as agriculture, industry, and mineral exploration. Angola has a large market with a population of 35 million and a GDP of US$ 106 billion, making it an attractive destination for international investors.

Additionally, Angola has preferential access to the US market through the African Growth and Opportunity Act (AGOA), which allows for duty-free exports of over 6,000 qualifying goods to the United States. While oil is currently the primary export to the US under this agreement, there may be opportunities to diversify into other sectors.

In terms of services, Angola exported $631 million worth of services in 2018. The top exported services included business travel, personal travel, computer and information services, transportation, and other business services. There may be opportunities to expand these service exports, particularly in sectors such as business services and transportation, where there is already a strong presence.

Angola's exports in 2021

Angola is a lower-middle-income country in Southern Africa with a population of 32.9 million and a GDP of $62.72 billion in 2020. Angola is a member of the Organization of the Petroleum Exporting Countries (OPEC) and maintains the second-highest level of oil production in Sub-Saharan Africa after Nigeria, with 1.2 million barrels per day. Crude oil is the country's primary export, making up more than 90% of the total. In 2021, Angola's exports of crude oil to China were valued at nearly $14.2 billion, making China the main destination for this commodity. Asia holds over 80% of the total value of exports from Angola, with Europe making up 9.3%.

In addition to crude oil, Angola's other exports include petroleum gas, diamonds, refined petroleum, and special-purpose ships. In 2022, Angola's total exports were valued at $54.1 billion, making it the 58th largest exporter in the world. The country's top export destinations, aside from China, include India, the Netherlands, France, and the United Arab Emirates.

Angola has experienced five consecutive years of economic recession since 2016, and its macroeconomic situation was further impacted by the COVID-19 pandemic and declining crude oil prices. The country has implemented various measures to stimulate the economy and diversify its exports, including social assistance programs and increased health spending. Additionally, Angola introduced the Program to Support Production, Diversification of Exports, and Substitution of Imports (PRODESI) to curb the rapid depletion of international foreign exchange reserves.

Angola's exports to the US

Angola is a lower-middle-income country located in Southern Africa with a Gross Domestic Product of US$106 billion, a population of 35 million, and a per capita income estimate of US$3,300 by the end of 2022. It is the sixth-largest economy in sub-Saharan Africa. Angola's economy is heavily dependent on its oil sector, with oil production and supporting activities contributing about 50% of GDP, over 70% of government revenue, and more than 90% of the country's exports. Angola is a member of the Organization of Petroleum Exporting Countries (OPEC) and follows its direction on oil production levels.

Angola's oil production has seen a decline from 1.18 million barrels per day to 1.16 million, surpassing Nigeria's output (1.02 million bpd) and making it the largest oil producer in sub-Saharan Africa. The country also holds significant proven gas reserves and extensive mineral resources. Diamonds represent 5% of exports, while subsistence agriculture provides the main livelihood for most of the population, despite half of the country's food being imported.

Angola achieved independence from Portugal in 1975 and subsequently entered a civil war that ended in 2002. It is designated as one of the United States' three strategic partners in sub-Saharan Africa, along with Nigeria and South Africa. The country has increased its purchasing power and exports due to the recovery of its oil sector. Angola imports most products due to its low local production capacity and is working to build domestic production capabilities, creating opportunities for international suppliers in key sectors.

Frequently asked questions