Portugal: Trade with Portuguese-speaking Africa and East Timor rises 15.3 pct in 2007

8 October 2008

Lisbon, Portugal, 8 Oct – Trade between Portugal and the Portuguese-speaking African nations and East Timor rose 15.3 percent in 2007, despite accounting for a small proportion of Portuguese foreign tarde, according to the Bank of Portugal.

In a report entitled, “The Development of the Economies of Portuguese-speaking African Countries and East Timor – 2007-2008,” published Tuesday in Lisbon, the Bank of Portugal said that Portuguese trade with the Portuguese-speaking African nations (PALOP) and East Timor accounted for just 4.47 percent of exports and 0.73 percent of imports.

Increased trade between Portugal and the PALOP is mainly the result of increased trade with Angola, both in terms of exports and imports, with Angola accounting for 81 percent of Portuguese exports to the PALOP and East Timor worth a total 1.68 billion euros.

Amongst the six countries in question, Cape Verde is the second biggest destination for Portuguese exports (225.7 million euros), followed by Mozambique (89.4 million euros), Guinea Bissau (34.2 million euros), Sao Tome and Principe (33.1 million euros) and East Timor (1.2 million euros).

In total, to those six countries Portugal exported products worth a total of 2.063 billion, and imported goods worth 403.3 million euros.

Of the six countries under analysis, Angola is also the main supplier to Portugal, accounting for 91.1 percent (369.5 million euros), particularly due to the “substantial” rise in oil, which reduced the importance of all other product categories.

In terms of imports, Angola is followed by Mozambique (25.7 million euros), Cape Verde (7.2 million euros), Guinea Bissau (500,000 euros), Sao Tome and Principe (300,000 euros) and East Timor (200,000 euros). (macauhub)