Exports to Angola plummet 22%

 In Economy, Investment, News

Exports from Portugal to Angola plummeted 22% in the first quarter of 2020 from €287 million from January to March 2019 to €224 million in Q1 of 2020.

According to data from the National Statistics Institute (INE) in the first quarter and including the pandemic period was in line with exports to other Portuguese speaking countries (PALOPs) which saw an overall fall of 8.3% between January and March.
In these months sales to PALOP countries fell from €425 million in the first three months of 2019 to €389 million in the first quarter of 2020.
The fall in exports was most significant in Equatorial Guiné which fell 77%, although the volume of the fall was much lower: sales went from €3.2 million to €738,000 in this first quarter.
On the other hand, there were increases in exports to Cape Verde and Mozambique with both countries seeing an increase in exports from Portugal by around 30% to €77 million and €53 million respectively.
Portugal’s exports worldwide fell 13% and imports were down 11.9% in March like-for-like on 2019 in a “sharp decrease” on the two previous months which partially reflects the effects of the Covid-19 pandemic.
According to the INE, on average, in the period January-February 2020, exports had registered an increase of 2.2% and imports 0.2%.