Key facts
- Angola's trade surplus narrowed 16.2% m/m to AOA 2.04tn in April.
- Exports declined 13.6% m/m to AOA 3.31tn.
- Imports fell 9.2% m/m to AOA 1.26tn.
- The trade surplus increased 76.9% y/y.
- Hydrocarbons accounted for 93.0% of exports in April.
Angola's trade surplus narrowed by 16.2% month-on-month to AOA 2.04tn in April, down from AOA 2.44tn in March. This decrease was driven by a 13.6% m/m fall in exports to AOA 3.31tn and a 9.2% m/m drop in imports to AOA 1.26tn. Despite the monthly decline, the trade surplus saw a significant year-on-year increase of 76.9%, benefiting from favourable oil market conditions and robust crude export revenues. Hydrocarbons constituted 93.0% of total exports in April, with precious stones and metals making up a distant 3.4%. China was the largest export destination (44.7%), followed by India (29.9%). On the import side, China was the leading supplier (25.0%), with machinery and equipment (26.8%), refined petroleum products (15.8%), food products (10.9%), and transport equipment (9.6%) being the main categories. The concentration of exports towards Asian energy consumers highlights Angola's exposure to demand in those markets. Sustained oil prices are expected to support fiscal revenues and the kwanza, but the April slowdown indicates vulnerability to commodity price corrections and limited progress in non-oil export diversification.