Angola
National flag |
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Map |
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Basic Information |
Angola is located in southwestern Africa. It is one of the important sea passages for central and southern Africa. It has a land area of approximately 1.246 million square kilometres and the population is predicted to reach 33 million in 2021. The capital is Luanda, the largest port and political and economic centre. |
Investment Situation |
Angola has ideal natural resources, stable political situation and sound economic policies. Its outstanding resources give agriculture a huge room for comprehensive development and many opportunities to manufacturing and processing industries. There is still potential to have infrastructure co-operation.
As the second largest oil producer in Africa, Angola has oil and diamond mining as the national economic backbones. Oil exports account for more than 95% of total exports. Angola’s export revenues account for nearly 60% of total revenues. In addition, construction industry also occupies an important economic position. Construction contractors from all over the world are attracted to Angola. Other highlighted and featured industries include agriculture, fisheries, livestock and communications industries.
According to the “2022 World Investment Report” published by the United Nations Conference on Trade and Development (UNCTAD), by the end of 2021, Angola has attracted US$13.2 billion on stock of inward direct investment. According to the “2021 Statistical Bulletin of China’s Outward Foreign Direct Investment” , by the end of 2021, the stock of direct investment by China in Angola was US$2.7 billion, mainly in the fields of construction, trade, real estate and manufacturing. |
Trade in Goods |
In 2021, the main export destinations of Angola include China, India, United Arab Emirates and Thailand. The export goods are mainly crude oil and jewelry. Angola’s main import sources include China, Portugal, India and Togo. The main imported goods include crude oil, mechanical and electrical equipment, vehicles and spare parts, etc.
In 2022, China’s exports to Angola amounted to US$4.1 billion, mainly include footwear, clothing and smart phones; imports from Angola amounted to US$23.3 billion, main imports are crude oil. |
Economic Indicators
2020(a) |
2021(a) |
2022(b) |
2023(b) |
|
Population (million) |
32.0 |
32.0 |
33.0 |
33.9 |
GDP (US$ billion) |
58.1 |
75.2 |
124.8 |
135.6 |
Real GDP Growth Rate (%) |
-5.8 |
0.8 |
2.9 |
3.4 |
Total Export of Goods (US$ billion) |
21.0 |
33.9 |
36.8 |
41.8 |
Total Import of Goods (US$ billion) |
9.3 |
11.4 |
16.5 |
12.5 |
Total Export of Services (US$ billion) |
0.07 |
0.09 |
0.1(c) |
0.3(c) |
Total Import of Services (US$ billion) |
5.6 |
7.1 |
8.9(c) |
9.8(c) |
Consumer Price Index (%) |
22.3 |
25.8 |
21.7 |
11.8 |
Current Account Balance (US$ billion) |
0.9 |
8.4 |
14.1 |
7.3 |
Exchange Rate (Angola Kwanza AOA: USD, Period Average) |
578.3 |
631.4 |
460.4 |
536.2(c) |
Remarks: (a) actual value; (b) estimated value of International Monetary Fund (IMF); (c) estimated value of Oxford Economics
Source: International Monetary Fund (IMF), Oxford Economics “Country Economic Forecast – Angola (Mar 2023)”
Main Export and Import Place of Goods
Main Export Destinations (2021) |
Proportion of Total Value of Exports of Goods (%) |
China |
60.4 |
India |
9.0 |
United Arab Emirates. |
4.2 |
Thailand |
3.0 |
Others |
23.4 |
Main Import Origins (2021) |
Proportion of Total Value of Imports of Goods (%) |
China |
15.1 |
Portugal |
12.1 |
India |
6.7 |
Togo |
5.5 |
Others |
60.6 |
Source: International Monetary Fund (IMF)
Major Imports and Exports of Goods
Major Exports of Goods (2021) |
Proportion of Total Value of Exports of Goods (%) |
Fossil fuels, mineral oil and distilled products thereof; bituminous substances; mineral wax |
94.1 |
Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewelry; coin. |
4.6 |
Others |
1.3 |
Major Imports of Goods (2021) |
Proportion of Total Value of Imports Goods (%) |
Fossil fuels, mineral oil and distilled products thereof; bituminous substances; mineral wax |
16.2 |
Nuclear reactors, boilers, machinery and mechanical appliances and relevant spare parts |
16.0 |
Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles |
6.9 |
Others |
60.9 |
Source: International Trade Center (ITC)
Major Imports and Exports of Services
Main Exports of Services (2021) |
Proportion of Total Value Exports of Services (%) |
Transport |
36.3 |
Other commercial services |
24.3 |
Construction |
12.6 |
Other |
26.8 |
Main Imports of Services (2021) |
Proportion of Total Value Imports of Services (%) |
Telecommunications, computer, and information services |
34.0 |
Other business service |
26.6 |
Tourism |
23.4 |
Other |
16.0 |
Remarks:The above content is based on estimated value of UNCTAD, WTO and ITC.
Source:International Trade Centre (ITC)
Statistics on the Trade of Goods between Mainland China and Angola (US$ ten thousands)
Year |
Total Trade |
Total Exports value* |
Total Imports value** |
2022 |
2,734,289.8 |
409,691.1 |
2,324,598.7 |
2021 |
2,334,703.4 |
249,348.5 |
2,085,345.9 |
2020 |
1,626,136.0 |
174,790.8 |
1,451,345.2 |
2019 |
2,571,012.7 |
205,587.1 |
2,365,425.6 |
2018 |
2,805,251.7 |
225,381.3 |
2,579,870.4 |
Remarks: *Value of goods exported to Angola from Mainland China; **Value of goods imported from Angola to Mainland China
Source: General Administration of Customs of the People’s Republic of China
Statistics on the Trade of Goods between the Macao SAR and Angola (US$) (USD 1 » MOP 8)
Year |
Total Trade |
Total Exports Value* |
Total Imports Value** |
2022 |
953,018.6 |
– |
953,018.6 |
2021 |
20,761.1 |
– |
20,761.1 |
2020 |
– |
– |
– |
2019 |
– |
– |
– |
2018 |
7,313.3 |
– |
7,313.3 |
Remarks: *Value of goods exported to Angola from Macao; **Value of goods imported from Angola to Macao.
Source: Statistics and Census Service (DSEC), Macao SAR Government
Sources:
- “Country (region) guide for foreign investment cooperation (Angola)” by the Ministry of Commerce of the People’s Republic of China
- “2021 Statistical Bulletin of China’s Outward Foreign Direct Investment” by the Ministry of Commerce of the People’s Republic of China, National Bureau of Statistics and State Administration of Foreign Exchange
- General Administration of Customs of the People’s Republic of China
- SinoMaps Press
- Statistics and Census Service (DSEC), Macao SAR Government
- International Monetary Fund (IMF)
- International Trade Center (ITC)
- “2022 World Investment Report” by the United Nations Conference on Trade and Development (UNCTAD)
- “Country Economic Forecast – Angola (Mar 2023)” by Oxford Economics
Updated in March 2023.