Oil keeps Angola in Trade Surplus as Imports Climb Faster

Angola's trade surplus narrowed sharply to €1.11 billion in June 2026 after exports fell from the previous month, even though crude oil continued to provide almost all of the country's export earnings.

Data released by the National Statistics Institute showed that stronger import growth and lower monthly exports reduced the surplus from €1.7 billion in May, uncovering the economy's continued reliance on oil revenue.

The June trade figures show how strongly Angola's external trade still depends on crude oil. While export income stayed positive, import demand increased sharply over the past year, showing that more goods continued to enter the country even as monthly export earnings eased from May.

Import demand gains pace while oil keeps exports afloat

The National Statistics Institute reported that Angola's June trade surplus stood at €1.11 billion. That compares with €1.16 billion recorded in June 2025. The institute said the result was mainly driven by the average price of crude oil, which is the country's biggest export product.

Exports increased by 18.54 per cent compared with June last year. Imports, however, recorded a much faster annual increase of 43.82 per cent.

Looking at monthly performance, exports dropped by 20.77 per cent from May, while imports recorded a smaller increase of 0.55 per cent.

The figures show that Angola continued to earn more from exports than it spent on imports in June. Even so, the surplus was lower than the previous month after export earnings declined.

China retained its position as Angola's largest export market. It received 39.75 per cent of total exports during June. India followed with 9.06 per cent. The Netherlands accounted for 5.89 per cent, Thailand took 5.77 per cent, while Spain received 5.72 per cent.

China also ranked first among Angola's import partners. It supplied 20.55 per cent of all imported goods. The United States followed with 8.39 per cent. The Marshall Islands accounted for 7.98 per cent, while both the Netherlands and Portugal each recorded 7.33 per cent.

Oil continued to dominate Angola's export basket. Petroleum, fuels and gas made up 95.40 per cent of total export value during June. Base metals accounted for 1.83 per cent, while pearls, precious stones, precious metals and jewellery represented 0.82 per cent.

Imported products showed a more varied pattern. Refined petroleum, fuels and gas accounted for the largest share at 32.08 per cent. Machinery and equipment followed with 22.54 per cent. Foodstuffs represented 8.77 per cent, while vehicles and other transport equipment accounted for 8.32 per cent. Base metals made up 6.94 per cent of total imports.

The June external trade figures, published by the National Statistics Institute and cited by the Lusa news agency, show that oil continues to provide most of Angola's export earnings.

At the same time, stronger import growth shows increasing demand for goods entering the country, even though the monthly trade surplus narrowed from the level recorded in May.