That dollar amount reflects a -19.3% decline since 2016 and a -35% drop from 2019 to 2020.
Angola’s biggest 3 export products (crude oil, petroleum gases, unset diamonds) are worth 97.7% of the overall value of Angolan exports during 2020.
Angola’s Top Trading Partners
The latest available country-specific data from 2019 shows that 92.1% of products exported from Angola were bought by importers in: China (61.3% of the global total), India (9.9%), Spain (3.4%), United Arab Emirates (3.2%), Portugal (3.2%), United States (2.7%), Italy (2.1%), Thailand (1.7%), France (1.6%), South Africa (1.0%), Uruguay (1.0%) and Singapore (0.9%).
From a continental perspective, 79.8% of Angola’s exports by value were delivered to Asian countries while 13.1% were sold to importers in Europe.
Smaller percentages went to North America (2.8%), Latin America excluding Mexico but including the Caribbean (2.3%), Africa (1.7%), and Oceania mostly Australia (0.1%).
Given Angola’s population of 31 million people, its total $22.6 billion exported goods translates to roughly $750 for every resident in the southwest African country.
Angola’s Top 10 Exports
The following export product groups represent the highest dollar value in Angolan global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Angola.
- Mineral fuels including oil: US$22 billion (97.2% of total exports)
- Gems, precious metals: $395.8 million (1.7%)
- Salt, sulphur, stone, cement: $47.9 million (0.2%)
- Fish: $30.2 million (0.1%)
- Machinery including computers: $26.7 million (0.1%)
- Wood: $18 million (0.1%)
- Copper: $17.5 million (0.1%)
- Food industry waste, animal fodder: $14.2 million (0.1%)
- Aluminum: $13.6 million (0.06%)
- Iron, steel: $10.7 million (0.05%)
Angola’s top 10 exports accounted for 99.7% of the overall value of its global shipments.
Copper was the fastest grower among the top 10 export categories, up by 7,726% from 2019 to 2020.
In second place for improving export sales was exported aluminum via a 3,261% gain.
Angola’s shipments of salt, sulphur, stone and cement posted the only other gain in value up by 156.7%.
The leading decliner among Angola’s top 10 export categories was machinery including computers, thanks to a -77.2% drop year over year.
From the more granular four-digit Harmonized Tariff System code level, crude oil represents Angola’s most valuable exported product worth 89.4% of the African country’s total. In second place was petroleum gases (6.5%) trailed by unset diamonds (1.7%), processed petroleum oils (1.3%), monument or building stones including granite (0.2%), crustaceans including lobsters (0.1%), bran or other residues (0.1%) and sawn wood (also 0.1%).
Overall Angola achieved an estimated $15.5 billion trade surplus for 2020, down by -25% from the $20.7 billion in black ink one year earlier.
The following types of Angolan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports reflect the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Mineral fuels including oil: US$21.7 billion (Down by -30.2% since 2019)
- Gems, precious metals: $387.9 million (Down by -68%)
- Salt, sulphur, stone, cement: $34.1 million (Reversing a -$14.2 million deficit)
- Fish: $13.5 million (Reversing a -$39.2 million deficit)
- Copper: $7.8 million (Reversing a -$14.5 million deficit)
- Ores, slag, ash: $6.1 million (Reversing a -$3.8 million deficit)
- Lead: $4.1 million (Reversing a -$7.6 million deficit)
- Wood: $2.2 million (Down by -69.2%)
Angola has highly positive net exports in the international trade of crude oil and, to a lesser extent, petroleum gases. In turn, these cashflows indicate Angola’s strong competitive advantages under mineral fuels including oil category.
Below are exports from Angola that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Angola’s goods trail Angolan importer spending on foreign products.
- Machinery including computers: -US$1.2 billion (Down by -35.1% since 2019)
- Electrical machinery, equipment: -$537.1 million (Down by -34%)
- Cereals: -$376.1 million (Down by -17.8%)
- Articles of iron or steel: -$315.9 million (Down by -20.8%)
- Plastics, plastic articles: -$307.7 million (Down by -33.7%)
- Vehicles: -$300.7 million (Down by -56.9%)
- Animal/vegetable fats, oils, waxes: -$239.8 million (Down by -35.6%)
- Meat: -$239.6 million (Down by -44%)
- Pharmaceuticals: -$179.4 million (Down by -39.4%)
- Optical, technical, medical apparatus: -$167.2 million (Down by -14.7%)
Angola has highly negative net exports and therefore deep international trade deficits under the machinery including computers category.
Angolan Export Companies
No Angolan corporation ranks among Forbes Global 2000.
Wikipedia lists exports-related companies from Angola. Selected examples are shown below.
- Angola Cables (fibreoptics)
- Angola LNG (natural gas)
- Cuca beer (alcoholic beverages)
- Endiama (diamonds)
- Secil Maritima (shipping)
- Sonangol Group (oil, gas)
- Transafrik International (cargo airliner)
- Unitel Angola (mobile phones)
In macroeconomic terms, Angola’s total exported goods represent 10.3% of its overall Gross Domestic Product for 2020 ($219.8 billion valued in Purchasing Power Parity US dollars). That 10.3% for exports to overall GDP in PPP for 2020 compares to 17.4% for 2019. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Angola’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Angola’s unemployment rate was 30.5% at March 2021, down from a 31.8% jobless rate in January 2020 according to Trading Economics.
Angola’s capital city is Luanda.
See also Nigeria’s Top 10 Exports, South Africa’s Top 10 Exports and South Africa’s Top 100 Imported Consumer Products
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on August 4, 2021
Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 4, 2021
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 4, 2021
International Trade Centre, Trade Map. Accessed on August 4, 2021
Investopedia, Net Exports Definition. Accessed on August 4, 2021
Wikipedia, Gross domestic product. Accessed on August 4, 2021
Wikipedia, List of Companies of Angola. Accessed on August 4, 2021
Wikipedia, Purchasing power parity. Accessed on August 4, 2021