Angola's balance of trade surplus increases, with China as main customer

Luanda, Angola, 7 June – Angola has boosted its balance of trade surpluses by reducing imports and increasing exports, and has China as its main customer, official Angolan statistics showed.

According to the latest report from Angola’s Customs Service, imports fell by 12.5 percent in 2010 to US$18.1 billion, whilst exports rose 2.1 percent to US$52.3 billion.

The balance of trade thus posted a surplus of US$30.54 billion and the current account was positive, exceeding the government’s projections and “recovering from the negative performance of 2009,” noted Portuguese bank BPI in its latest report on the Angolan economy.

“In 2011, with the expected consolidation of the movement for the recovery of the oil business and the policy to protect industries that replace imports by applying more tax and customs barriers, the trends seen in 2010 are expected to intensify,” noted the Portuguese bank, which has a controlling stake in Angola’s Banco Fomento.

In this scenario, it said, “the current account balance should gradually improve,” and according to the International Monetary Fund (IMF) should reach 1.4 percent.

Angola’s foreign trade figures in 2010 showed a change in the geographical distribution of Angola’s trade. Portugal remained as the main supplier, but its share was reduced substantially, whilst trade with the Netherlands and the United States increased.

“In the case of imports, over the last two years there has been greater geographical diversity and the main suppliers have seen a drop in the share,” BPI said.

In relation to exports China was by far the biggest destination, with a 40 percent share of the total, or US$22.1 billion, mainly in oil.

Oil continues to be, by far, Angola’s biggest export product, accounting for over 96 percent of the total, according to the figures cited by BPI.

The bank lowered its projection for growth of the Angolan economy to 6.3 percent, with the non-oil sector seeing greatest year-on-year growth, of 8.8 percent.

For the oil industry growth is expected to be 2.8 percent and, “the recent performance of the oil market,” is the reason for BPI’s projection.

BPI’s projection is thus more measured than others that are currently available, which vary between 7.6 percent included in the state budget and 7.9 percent from the Economist Intelligence Unit.

According to figures cited by BPI credit to the economy has been falling, reflecting the performance of the public sector, whilst private sector credit has seen growth of some 20 percent.

Angolan government expected to approve rise in customs taxes for ...

Luanda, Angola, 20 May – Angola’s National Customs Service (SNA), the Angolan Industrial Association and the ministries for Agriculture and Finance said Thursday in Luanda that they were proposing an increase in taxes on importing construction materials and agri-livestock products.

In a meeting to revise the country’s Customs List, specialists from several ministries and professional associations are seeking a consensus on charging higher taxes on importing products such as cement, marble, granite, meat, vegetables and beverages, all of which are goods which are produced in sufficient quantity within Angola.

The head of the Department for Tariffs and Trade of the SNA, Garcia Afonso, said that the aim of the technicians from the institutions involved in the discussion was to defend national manufacturing and industry.

According to Afonso, the specialists taking part in the debates plan to make a proposal to the government to raise taxes on imported goods that are already produced in the country in satisfactory conditions and considerable quantity.

The final proposal on review of the taxes of the current Customs List, dating to 2008, will be submitted to the Council of Ministers, as of June, and their discussion also involved the ministries for the Economy, Geology, Mines and Industry and provincial governments. (macauhub)

Maputo, Mozambique, 13 June – China is rapidly affirming its place as the main foreign power in Mozambique, replacing other traditional political and economic partners base on growing foreign trade, investment and cooperation, according to researcher Loro Horta.

“At a time when the West is facing an economic crisis, China and other emerging economies are becoming crucial to the wellbeing of several African nations. Chinese-Mozambican relations are expected to continue to grow with Beijing becoming the main economic and strategic player in Mozambique and in East Africa,” said Horta in a study published in May.

Culture and customs of Angola

The strange adventures of Andrew Battell of Leigh, in Angola and the adjoining regions

Panalpina, Inc.: Securities and Exchange Commission Litigation Complaint

American reference books annual

Through Angola, a coming colony