Portuguese exports to Portuguese-speaking Africa and East Timor rise 30 pct in 2008

30 September 2009

Lisbon, Portugal, 30 Sept – Portuguese exports to Portuguese-speaking African countries and East Timor rose 30 percent in 2008, whilst investment saw a rise of 7.8 percent, according to figures published Tuesday by the Bank of Portugal.

“Trade relations between Portugal, PALOP countries and East Timor in 2008 continued on the growth trajectory of the last few years, despite maintaining a relatively low weighting within Portugal’s total foreign trade,” said the Bank of Portugal in its report on Development of the PALOP and East Timor economies 2008-2009.

In 2008, exports to this group of countries accounted for 0.7 percent of Portugal’s total exports, whilst imports, which also rose, accounted for 0.76 percent of the total.

Exports last year totalled 2.702 billion euros, with Angola as the biggest market (84 percent of the total) as well as being the market to post greatest growth year on year (+34.8 percent).

All six countries saw a rise in exports to Portugal with Cape Verde posting a rise of 31 million euros to 259.1 million euros, with a similar scenario for imports from Portugal, which only in the case of Sao Tome and Principe remained stable at 300,000 euros.

Angola was the main origin of imports, accounting for 90 percent of total Portuguese imports from the six countries.

Imports rose by a modest 12.1 percent to 452.2 million euros, with the balance of trade improving its surplus by 34.9 percent to 2.244 billion euros. (macauhub)