Angola’s balance of trade recorded a surplus of US$4.154 billion in the second quarter of 2016, which represents an increase of 27.3% over the amount recorded in the same period of 2015, reported the National Statistics Institute (INE).
The observed increase in the trade surplus was due to the fact that exports rose 5.7% to US$7.395 billion and imports recorded a drop of 13.2% to US$3.24 billion.
Consequently, the rate of coverage of imports by exports rose from 187.4% in the second quarter of 2015 to 228.2% in the same quarter of 2016.
Most of the exports – 56% or US$4.142 billion – in the second quarter were destined for Asia, which was followed by North America with a weight of 20.0% and Europe with 16.9%.
Imports, in turn, originated in Europe for the most part (45.2% or US$1.463 billion), followed by Asia with a weight of 27.1% and North America with 15.9%.
In the second quarter China was the main destination of exports from Angola, with a weight of 35.1% or US$2.594 billion, with the Bahamas in second place with 13.8%.
On the import side, the United States appears first with a weight of 13.2% or US$428 million, followed by Portugal with 11.3% and China with 10.0%.
In the period fuel accounted for 91.2% or US$6.746 billion of Angola’s exports, and the remainder was made up of machinery (1.3%), vehicles (1.5%) and other products (4.3%).
On the import side the main aggregates are, in order of importance, machinery (24.5%) and other products (29.6%). (macauhub)