Luanda, Oct. 31, 2025 (Lusa) - Angolan exports fell from US$18.4 billion to US$15.2 billion in the first half of this year, a year-on-year drop of 17.5%, while imports shot up 11%, according to a study released on Friday.
According to the Economic Report for the First Half of 2025, released by the Centre for Economic Research (CINVESTEC) at Lusíada University of Angola, Angola's external account remained "relatively balanced" during this period, but with signs of pressure on the external sector.
The current account "remains positive"’ but exports, especially oil, "declined in a significant manner. However, high deficits persist in the non-oil balance and in income transfers abroad," according to the study presented by CINVESTEC economist and researcher Agostinho Mateus.
The non-oil trade balance recorded a deficit of US$7.6 billion (€6.5 billion), "worsening by 12% in cumulative terms and 15% in the quarter," the report shows.
Non-oil exports grew slightly (5% compared to the same period last year), reaching US$1.15 billion (€994 million), while imports increased to US$8.76 billion (€7.5 billion), 11% in cumulative terms.
"As a result, the ratio of exports to imports fell from 13.9% to 13.1%, highlighting an economy that is still heavily dependent on trade from abroad," noted the economist.
During this period, total exports of goods and services fell from US$18.4 billion (€15.9 billion) to US$15.2 billion (€13.1 billion), a drop of 17.5%, "reflecting the reduction in oil sales," the study notes.
Oil exports in the first half of the year amounted to US$14 billion, down 18.9% from the same period in 2024, "continuing to account for 80.6% of Angola's exports".
Natural gas accounted for 10.1% of total exports, with "a gain relative to the fall in oil", while other goods and services "fell by 12%".
CINVESTEC notes that Angola's export structure "remains highly concentrated in oil, with little diversification", while imports "remain diversified and show significant realignments".
Machinery and equipment, transport services, fuels, foodstuffs, construction materials, and chemical and pharmaceutical products led the country's imports in the first six months of 2025.
Between January and June 2025, the primary income balance (wages, interest and profits) showed a "significant improvement", with a deficit of US$2.9 billion (€2.5 billion), an improvement of 24.2% compared to 2024.
According to the report, Angolan investment abroad increased to US$36.7 billion, up 6% year-on-year, particularly in deposits and commercial credits, while foreign investment in Angola also rose to US$70.4 billion during the same period.
Agostinho Mateus also said in his speech that since 2017, foreign direct investment has fallen from US$29.4 billion to US$12.5 billion (a drop of 58%), "highlighting the end of the oil era and the country's reduced attractiveness for productive investment".
"On the other hand, external loans have grown and now dominate external liabilities, reinforcing debt dependence," warned the economist.
For CINVESTEC, the future of Angola's external account will depend on its ability to convert statistical stability into real economic progress, "with consistent policies of diversification, industrialisation and competitiveness".
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