The vast amount of oil and natural reserves present in the land area accompanied by the technological evolution of the extraction techniques has made the country heavily reliant on oil and gas exports, which account for almost 92% of the total export revenue generation. The production rate at present is 393.4 million barrels of top commodities like crude oil. The latest trade statistics have reported that the export valuation of the nation was recorded at 52 billion US dollars in 2024, with merchandise exports' contribution of around 25% worth 15 billion US dollars, accompanied by service exports and other non-oil sector contributions.

Similarly to the export market, the import trade rate has also come across a recent diversification, marking a slight decrease from 2023 by a rate of 5.93% CAGR. Although there is a slight decrease in the import rate, the quarterly trends show a rise in imports by a rate of 2.5%. The total contribution of top importing destinations like China and Portugal by a rate of 15.5% and 10.9% in the economy of Angola has recorded an import trade rate worth 48 billion US dollars in 2024.

Summary of the Export and Import Trade Market of Angola in 2024

The Key Exports of Angola in 2024

The export economy of Angola has introduced a divergent variant of services in its global supplies led by the oil and gas sector with around 92% of the total export contribution. According to the Angola Export Data, the top 10 leading exported variants of the nation in 2024 are,

1. Crude Petroleum - Export trade value - 40 billion US dollars; Annual trade share - 92%

2. Diamonds - Export trade value - 2 billion US dollars; Annual trade share - 2%

3. Coffee - Export trade value - 1.8 billion US dollars; Annual trade share - 1%

4. Iron Ore - Export trade value - 1 billion US dollars; Annual trade share - 0.95%

5. Fish - Export trade value - 765 million US dollars; Annual trade share - 0.84%

6. Tobacco - Export trade value - 642 million US dollars; Annual trade share - 0.67%

7. Cotton - Export trade value - 543 million US dollars; Annual trade share - 0.54%

8. Wood Products - Export trade value - 478 million US dollars; Annual trade share - 0.43%

9. Fruits and Vegetables - Export trade value - 354 million US dollars; Annual trade share - 0.32%

10. Textiles- Export trade value - 278 million US dollars; Annual trade share - 0.25%

Angola's Export Overview of Goods: Last 5 Years (USD)

The Key Export Partners of Angola

The export landscape of Angola has been mainly fostered by its top trade partner, China, with around 51.91% share in the revenue generation. The country has started exporting its services to most of the regions, including cost-effective pricing strategies for filling up the trade gaps. According to the Angola Trade Data, the top 10 key export trade partners of the nation in 2024 are,

1. China - According to the China Import Data, the total valuation of goods exported from Angola - 18 billion US dollars.

2. India - According to the India Import Data, the total valuation of goods exported from Angola - 12 billion US dollars.

3. United States - According to the USA Import Data, the total valuation of goods exported from Angola - 10 billion US dollars.

4. Spain - According to the Spain Import Data, the total valuation of goods exported from Angola - 8 billion US dollars.

5. France - According to the France Import Data, the total valuation of goods exported from Angola - 7 billion US dollars.

6. South Africa - According to the South Africa Import Data, the total valuation of goods exported from Angola - 6 billion US dollars.

7. Netherlands - According to the Netherlands Import Data, the total valuation of goods exported from Angola - 5 billion US dollars.

8. Russia - According to the Russia Import Data, the total valuation of goods exported from Angola - 4 billion US dollars.

9. United Arab Emirates - According to the United Arab Emirates Import Data, the total valuation of goods exported from Angola - 3 billion US dollars.

10. Belgium - According to the Belgium Import Data, the total valuation of goods exported from Angola - 2.5 billion US dollars.

Major Imports of Angola in 2024

Angola's import profile for 2024 showcases the ongoing efforts of the government authorities to diversify its economy and reduce its reliance on oil exports; the country has started importing a wide range of goods to fulfill its domestic necessities at an affordable rate. Angola's infrastructure development, healthcare system, and food security are some of the contributing factors behind this overall trade increase. As per the Angola Customs Data, the top 10 major imported goods of the nation in 2024 are,

1. Machinery and Mechanical Appliances - Import Value - 6.5 billion US dollars; Annual trade share - 12.8%

2. Vehicles - Import Value - 4.8 billion US dollars; Annual trade share - 11%

3. Mineral Fuels and Oils - Import Value - 3.7 billion US dollars; Annual trade share - 9%

4. Iron and Steel - Import Value - 2.8 billion US dollars; Annual trade share - 7%

5. Uncoated Paper - Import Value - 1.67 billion US dollars; Annual trade share - 6.21%

6. Plastics - Import Value - 1.24 billion US dollars; Annual trade share - 4.87%

7. Electronic Equipment - Import Value - 900 million US dollars; Annual trade share - 4.21%

8. Textiles - Import Value - 765 million US dollars; Annual trade share - 3.76%

9. Optical and Medical Instruments - Import Value - 644 million US dollars; Annual trade share - 2.77%

10. Refined Copper - Import Value - 525 million US dollars; Annual trade share - 2%

Angola's Import Overview of Goods: Last 5 Years

The Import Partners of Angola: A Comprehensive List of 2024

For a positive upward trajectory in the balancing trade rate, Angola has started importing its domestic acquisitions from countries having cost-effective production capacities. As per the Angola Customs Data, the top import trade partners of the nation in 2024 are,

1. China - According to the China Export Data, the total valuation of goods imported in Angola 2024 - 8.7 billion US dollars.

2. Portugal - According to the Portugal Export Data, the total valuation of goods imported in Angola 2024 - 7.4 billion US dollars.

3. Brazil - According to the Brazil Export Data, the total valuation of goods imported in Angola 2024 - 6.5 billion US dollars.

4. South Africa - According to the South Africa Export Data, the total valuation of goods imported in Angola 2024 - 5.1 billion US dollars.

5. United States - According to the USA Export Data, the total valuation of goods imported in Angola 2024 - 4.8 billion US dollars.

6. India - According to the India Export Data, the total valuation of goods imported in Angola 2024 - 3.4 billion US dollars.

7. Japan - According to the Japan Export Data, the total valuation of goods imported in Angola 2024 – 2.8 billion US dollars.

8. Spain - According to the Spain Export Data, the total valuation of goods imported in Angola 2024 - 1.76 billion US dollars.

9. Netherlands - According to the Netherlands Export Data, the total valuation of goods imported in Angola 2024 - 1.5 billion US dollars.

10. France - According to the France Export Data, the total valuation of goods imported in Angola 2024 - 1 billion US dollars.

Angola’s Import and Export Market Growth (2023 vs 2024)

Government Policies and Agreements Supporting Angola's Trade of 2024

The Government of Angola has implemented several strategic policies to solidify the country's position among the export and import markets, aiming to diversify the economy and enhance competitiveness in global trade relations. The top three agreements and strategies implemented by the government in 2024 are,

1. EU - ANGOLA (SIFA) - The Sustainable Investment Facilitation Agreement between the EU and Angola was signed to create transparency in the predictable business environment in Angola, countering investments in sectors like green energy, digital innovation, and logistics. It is also implemented to emphasize environmental and labor standards to align it properly with the diversifying economic goals.

2. Adjournment with (SADC) Free Trade Area - As per the Angola shipment data, the adjournment of the nation with the South African Development Community Free Trade Area is one of the crucial agreements introduced by the government. Its ultimate aim is to reduce the tariffs and eliminate non-tariff barriers for a feasible exchange of goods within the region. It also increases regional economic integration, contributing to the intra-regional trade rates.

3. US - ANGOLA (CIP) - Wrapping up, the most crucial agreement signed by the government authority is the U.S.-Angola Commercial and Investment Partnership to facilitate the private sector for increasing the investment between the two countries for facilitation of equitable economic growth. This not only strengthens the economic ties with the United States but also diversifies the trade partnership across different regions.

CONCLUSION

Import Globals Angola trade data highlights all the crucial and latest key insights of the country's import and export trade rates, ranging from the traditional reliance on oil and the strategic progress of the country's industrial sectors. It covers all the engaging factors that can be a beneficial source for the business holders looking for service expansions. The trade dynamics pinpoint the shipment rates and trade growth over the past years, making it relatable for your investment to stay competitive in the fast-paced global market.

FAQ'S

Que. What is the export trade value of Angola in 2024?
Ans. The export trade value of Angola in 2024 is 52 billion US dollars.

Que. What is the import trade value of Angola in 2024?
Ans. The import trade value of Angola in 2024 is 48 billion US dollars.

Que. Name the top government agreement supporting Angola's trade in 2024.
Ans. EU - ANGOLA (SIFA) is the top government agreement supporting Angola's trade in 2024.

Que. Where can you get a detailed trade analysis of the trade market of Angola in 2024?
Ans. By subscribing to Import Globals, you can get a detailed trade analysis of the trade market of Angola in 2024.

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