Angola was the destination for Portuguese exports with the largest annual reduction in the first quarter, down from 4th to 6th largest customer, the Portuguese National Statistics Institute (INE) said Tuesday in Lisbon.
Data issued by INE said that given the “sharp decline that recently took place” in trade with Angola, the country lost to the US the leadership it had enjoyed since 2008 among non-EU destinations.
Exports of goods to Angola totalled 552.0 million euros in the first quarter of 2015, falling 23.6 percent over the same quarter of 2014, when total national exports of goods posted an increase of 4.0 percent.
In the period, Portuguese exports to Angola registered the largest annual reduction amongst Portugal’s export destinations, falling from fourth place (6.2 percent fo total exports) to sixth, with 4.5 percent.
The annual decrease of exports of goods to Angola in the first quarter affected all exported product groups, but was particularly evident in machinery (-24 percent), base metals (-21.8 percent) and other products (-35.1 percent).
Food products, which are traditionally the second largest product group exported to Angola, decreased by 16.2 percent.
Despite the decline in exports of goods, the balance of trade of goods with Angola rose 165.6 million euros compared to the same period of 2014, reaching a surplus of 359.4 million euros. (macauhub/AO/PT)