Brazil wants to increase the value of trade with Angola four-fold

6 August 2018

Brazil intends to return to the levels of bilateral trade it had with Angola in the first decade of the century when it was worth US$4 billion, four times the current amount, the Brazilian ambassador to Angola said on Saturday in Luanda.

Paulino de Carvalho Neto also told Portuguese news agency Lusa that bilateral trade is currently worth almost US$1 billion and estimated the financing guaranteed by Brazil to the Angolan economy in the last 20 years at US$3 billion.

The ambassador said there was a need to diversify bilateral trade, avoiding the concentration of economic activities, either in investment or in import/export of goods, on just one or two products.

Carvalho Neto recalled that, until a few years ago, Brazil imported mainly oil from Angola, which has been declining because, in recent years, Brazilian oil production has also increased – currently producing around 4 million barrels per day, against the 1 million per day produced in Angola.

In the opposite direction, Brazilian exports to Angola are all from the agribusiness sector – meat, sugar and processed food. (macauhub)