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Lusa - Business News - Portugal: Ex-African colonies becoming less important since 1974 revolution

Lisbon, April 23, 2024 (Lusa) - Economist Alexandra Ferreira-Lopes told Lusa on Tuesday that the economic relationship between Portugal and the Portuguese language African countries (PALOP) has been losing importance due to Europe's economic predominance.
"The economic relationship between Portugal and the PALOP is still important, but it has lost importance over time, as has happened with all of Portugal's other trading partners outside of Europe," the economist, told Lusa regarding the trade relationship between Portugal and the former colonies, 50 years after the 25 April 1974 revolution . "Most of our international trade is intra-Community, so the PALOP and the other economies with which we used to have trade ties have lost importance, including the United States and the United Kingdom, which although relevant, are less predominant, and in recent decades another main partner, Spain, has appeared," the economist from ISCTE - Instituto Universitário de Lisboa, who specialises in open macroeconomics and economic cycles pointed out.
The balance of trade between Portugal and the PALOP countries has always been positive for the former since 1976, with a few minor exceptions, such as 1979, when the balance of exports and imports was positive for Mozambique, something that has never happened again since.
According to data from Statistics Portugal (INE), trade with all the PALOP countries since 1977 has always been positive for Portugal, in a relationship in which Angola is predominant, with several years in which exports to Angola represent a value equal to or greater than the sum of Portugal's sales to all the other PALOP countries.
"Even though they are losing importance in the general context, Angola and Mozambique still have some relationship and weight in the trade relationship with Portugal; mainly Angola, for energy and food goods, but also Mozambique, for the food goods" that they sell to Portugal, added Alexandra Ferreira-Lopes, noting that the PALOPs are following the trend of all trade partners outside the eurozone, which is to decrease their importance.
When asked about the importance of political cycles for trade and economic relations between Portugal and Portuguese-speaking African countries, the economist argued that it is the economy that takes precedence over politics, not the other way round.
"Economic relations remain immune to political cycles, which is an absolutely curious case, because in other processes of decolonisation of European countries there is a distancing and mistrust, and in the Portuguese case it is not so much the political cycle that marks commercial relations, although it does influence them a little, but rather the economic cycle of the PALOP, and the language, which helps this proximity immensely," said the economist, concluding that business operators "tend to move with some ease in these countries", devaluing relations at a political level.

Balance of trade with PALOP countries
2023.....1,698,778
2022.....1,517,541
2021.....1,463,037
2020.....1,058,394
2015.....1,608,457
2010.....1,803,567
2005.......997,460
2000.......533,731
1995.......378,257
1990.......318,649
1985.......110,440
1980........57,991
1975........-3,937
SOURCE: INE
Amounts in thousands of euros
MBA/ADB // ADB.
Lusa

Agency : LUSA
Date : 2024-04-24 10:59:15

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