Lisbon, Portugal, 20 Feb – Portuguese exports from Portuguese-speaking African countries (PALOP) to Portugal more than doubled in 2011 totalling almost US$3 billion, according to figures from Portugal’s National Statistics Institute.
Last year, Angola continued to be Portugal’s main trading partner amongst PALOP countries, with over 80 percent of the total exported to Portugal, made up almost exclusively of oil, and rising 109 percent year on year, which was a growth rate five times that of Angolan imports from Portugal, which rose by 22 percent.
This difference in the growth rates improves Angola’s balance of trade with Portugal by 14.2 percent although the surplus remains in Portugal’s favour by 1.16 billion euros.
Cape Verde saw its exports to Portugal increase by more than its imports and its balance of trade improved by 4.2 percent against 2010 and Mozambique increased its sales to Portugal by 44 percent.
INE’s figures show that trade relations between Portugal and the PALOP countries are expanding at a far greater rate than with other markets that Portugal deals with, as this doubling of imports by Portugal from the PALOP countries is set against a rise of just 1 percent in Portugal’s total imports in 2011, and a rise of 12 percent from non-EU imports.
In terms of exports the scenario is similar in that exports from Portugal to the PALOP countries rise 21 percent, whilst total exports rose 15.2 percent and non-EU exports rose by around 19.6 percent.
The Portuguese economy in 2011 sold around 2.92 billion euros in goods and services to the five Portuguese-speaking African countries, or 500 million euros more than in 2010. (macauhub)