LISBON: The problems that have affected Angola due to a decline in oil prices have led to Portuguese companies selling 1.074 billion euros less in exports to the country in 2015, according to the Office for Statistics and Studies of the Portuguese Economy Ministry.
In 2014 Angola was the 4th largest destination for Portuguese exports, buying goods worth 3.2 billion euros, but the oil crisis and consequent currency devaluation has forced a drop in foreign imports. In Portugal’s case this has led Angola to fall to sixth place in the list of export destinations.
Portuguese financial newspaper Diário Económico cited figures from the National Statistics Institute to show that Portuguese exports to Angola fell by 45 percent year on year in January 2016. In terms of exports to Brazil the situation is also negative, although the impact is reduced, as the Brazilian economy no longer has such an important position in Portugal’s international trade.
Despite this, sales of Portuguese products to Brazil fell 10.9 percent in 2015 and the country fell from 11th to 12th biggest customer. Although there have been political problems and devaluation of the currency in Mozambique, 2015 was not a bad year, and Portuguese exports increased from 318 million euros to 356 million euros, or almost 12 percent more.
