Country Info: Angola
Bilateral Trade by Sector: United States - United States - Angola
Value ('1000 dollars), US 'domestic exports' *, US 'imports for consumption' / Includes year-to-date data
Economic Background
Angola's economy is overwhelmingly driven by its oil sector. Oil production and its supporting activities contribute about 50% of GDP, more than 70% of government revenue, and more than 90% of the country's exports; Angola is an OPEC member and subject to its direction regarding oil production levels. Diamonds contribute an additional 5% to exports. Subsistence agriculture provides the main livelihood for most of the people, but half of the country's food is still imported.
Increased oil production supported growth averaging more than 17% per year from 2004 to 2008. A postwar reconstruction boom and resettlement of displaced persons led to high rates of growth in construction and agriculture as well. Some of the country's infrastructure is still damaged or undeveloped from the 27-year-long civil war (1975-2002). However, the government since 2005 has used billions of dollars in credit from China, Brazil, Portugal, Germany, Spain, and the EU to help rebuild Angola's public infrastructure. Land mines left from the war still mar the countryside, and as a result, the national military, international partners, and private Angolan firms all continue to remove them.
The global recession that started in 2008 stalled Angola’s economic growth and many construction projects stopped because Luanda accrued billions in arrears to foreign construction companies when government revenue fell. Lower prices for oil and diamonds also resulted in GDP falling 0.7% in 2016. Angola formally abandoned its currency peg in 2009 but reinstituted it in April 2016 and maintains an overvalued exchange rate. In late 2016, Angola lost the last of its correspondent relationships with foreign banks, further exacerbating hard currency problems. Since 2013 the central bank has consistently spent down reserves to defend the kwanza, gradually allowing a 40% depreciation since late 2014. Consumer inflation declined from 325% in 2000 to less than 9% in 2014, before rising again to above 30% from 2015-2017.
Continued low oil prices, the depreciation of the kwanza, and slower than expected growth in non-oil GDP have reduced growth prospects, although several major international oil companies remain in Angola. Corruption, especially in the extractive sectors, is a major long-term challenge that poses an additional threat to the economy.
Agricultural products
cassava, bananas, maize, sweet potatoes, pineapples, sugar cane, potatoes, citrus fruit, vegetables, cabbage
Industries
petroleum; diamonds, iron ore, phosphates, feldspar, bauxite, uranium, and gold; cement; basic metal products; fish processing; food processing, brewing, tobacco products, sugar; textiles; ship repair
Industrial production growth rate
2.5% (2017 est.)
(Source: World Factbook, 2021)
Download related documents
Brochure - AGOA performance and country profile of Angola [updated 2023]
An overview of Angola's participation and utilisation of AGOA preferences since the year 2000, including relevant trade data and country-specific sector-focus. Includes profile of US exports to Angola. Double-sided A4 brochure. For printing, set 'fit to page'. Including trade data to end 2022
Angola - United States (TIFA) - english
Trade and Investment Framework Agreement between the Government of the United States of America and the Government of the Republic of Angola concerning the development of trade and investment relations.
Angola - United States (TIFA) - portuguese
Trade and Investment Framework Agreement between the Government of the United States of America and the Government of the Republic of Angola concerning the development of trade and investment relations.
Read related news articles
Angola: USAID seeks to boost Angola's exports to USA
Angolan entrepreneurs will be able to export agricultural products, beverages and others to the United States of America market, through the mediation of the United States Agency for International Development (USAID). This information was provided today by the Acting Minister Counselor of the US Embassy in Angola, Christopher Hattayer, noting that the United States had been supporting efforts to increase economic growth in Angola since 2021...
04 April 2022
Angola: US Ambassador defends dynamism in using AGOA
Angolan entrepreneurs should continue to make efforts to take greater advantage of the African Growth and Opportunity Act (AGOA), said last Thursday in Luanda the ambassador of the United States of America (USA) to Angola, Helen La Lime. The diplomat, who was speaking at a press conference held in the framework of Angola's participation in the Second Business Summit USA/Africa, which happened last September 26, in Washington, said that Angola...
07 October 2016
Angola: Exports to US reach over $115 billion
Angola's exports to the United States of America tripled in the 2004/2014 period, reaching Usd 115.39 billion last year. This was disclosed Tuesday in Luanda by the minister of Commerce, Rosa Pacavira, while addressing the seminar on "How to export to the USA and the African Growth and Opportunity Act". According to the official, the increase in exports has partly resulted from the country's joining AGOA established by the US...
14 July 2015
Angola: Ministry of Commerce holds workshop on AGOA
The Ministry of Commerce is holding seminar on the African Growth and Opportunity Act (AGOA) on Wednesday in Luanda. This was said on Tuesday in Luanda by the director of the Office of Exchange of the Ministry of Commerce, Bumba Chico. Speaking to Angop, the director said that the event is aimed to inform State institutions and Angolan entrepreneurial sector about the meaning of AGOA and its challenges, as well as attract private, foreign...
21 September 2010
Angola: Trade minister points out new perspectives for Angolan economy
Angolan minister of Trade, Maria Idalina Valente, said in Washington that the global financial crisis has opened new perspectives for diversifying of the country’s economy with a view to face up the emerging challenges. Idalina Valente, who was speaking at the end of the Consultative meeting gathering ministers of Trade, stated that the crisis also opened perspectives to diversifying other export markets. “Exactly, with regard to our...
03 August 2010
Angola: Luanda port development good for trade
USD 350 million is being invested in the Port of Luanda, one of Africa's most congested, in an effort to restructure the harbour and its facilities. This was disclosed at a meeting between port and government officials and a visiting US delegation to Luanda, which included US Assistant Trade Representative for Africa, Florie Liser. In a statement issued to the media after the one-day meeting, Francisco Venancio, Chairman of the Luanda Port...
14 July 2010
United States, Angola hold high-level trade and investment talks
US and Angolan trade and development officials met today to discuss means for strengthening bilateral trade and investment ties. The meeting was the first held under the United States-Angola Trade and Investment Framework Agreement (TIFA), which was signed in May 2009. The TIFA provides a high-level forum for advancing cooperation on the full spectrum of trade and investment issues between the United States and Angola. Assistant U.S. Trade...
28 June 2010
Angola close to signing economic deal with US
Angola and the United States are close to signing an agreement that would strengthen commercial ties between the former Cold War foes, Angola's ambassador to the U.S. was quoted saying on Monday. The deal will be signed "shortly" and form the basis of increased trade and economic exchanges between the oil-rich African nation and the world's economic powerhouse, the ambassador Josefina Diakite told state-run news agency ANGOP. "It will be a...
11 June 2007
Angola and US to sign general cooperation accord
A general accord for the expansion of trade relations between Angola and the United States of America (USA) will be signed soon, said Sunday in Luanda, Angolan ambassador, Josefina Pitra Diakité, before leaving for Washington. Speaking to Angop, the head of Angolan diplomatic mission to the USA, said that the accord was not signed earlier on because the two countries' governments decided there was need to mature ideas. However, in view of...
10 June 2007
Angola to Export Agricultural Products to US
Angola's deputy Minister of Agriculture and Rural Development, Dario Daniel Katata, affirmed Thursday in Luanda, that Angola has the conditions to exports, in the next years, to the United States of America some agricultural products. Among the products are cotton and fruits such as banana, orange, melon, water-melon and amongst others. The Angolan deputy Minister was speaking to Angop, on his return from Dakar, Senegal, where since Monday...
21 July 2005
Angola: Private Sector needs to learn more about AGOA
The Angolan ambassador to the USA, Josefina Pitra Diakité, said today, here, that the Angolan businessmen should learn more about the African Growth and Opportunity Act (AGOA) in order to expand their business and benefit from aid. The diplomat who was speaking at the end of a lecture on business, promoted by the Angola-USA Chamber of Commerce, defended the need for the national private sector to know better the opportunities that AGOA...
06 May 2005
