Portugal: Exports to Africa grew 28% to €6B in 2022, Morocco, Angola and Mozambique main destinations

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Portugal: Exports to Africa grew 28% to €6B in 2022, Morocco, Angola and Mozambique main destinations

10:39 CAT | 20 Jul 2023

File photo: Lusa

Portuguese exports to Africa grew 28% in one year, reaching six billion euros in 2022, the highest figure in the last five years, and increased 45.8% for Portuguese-speaking African countries, the president of AICEP revealed on Wednesday.

This figure for exports of goods and services represents a 5% share of total Portuguese exports, most of which are to Portuguese-speaking African countries (PALOP), where growth was even more significant, reported the head of the Agency for Investment and Foreign Trade of Portugal (AICEP), in an address on the second and final day of the EurAfrican Forum, taking place in Carcavelos.

Last year, exports to Portuguese-speaking Africa increased 45.8% compared to 2021, to €3.7 billion, representing 3.1% of total Portuguese exports and 61% of sales of goods and services to the African continent.

Morocco, Angola and Mozambique are the main destination for exports, while in investment it is Cabo Verde that joins the two Portuguese-speaking countries as the main destinations.

At the end of 2022, Portugal’s investment stock in Africa reached €8.6 billion, 14.1% of the total abroad.

These figures show, said Filipe Santos Costa, that “Portuguese companies have been successful” and are always looking to increase their presence in Africa, not only as a market but by creating a subsidiary or looking for partnerships and new investment opportunities.

In 2022, for example, about five thousand Portuguese companies exported to Angola, and many have been established there for a long time, he stressed, noting that it is no coincidence that “many foreign companies, even American or Chinese, have partnered with Portuguese companies” when entering that or other countries in Africa.

“They know the market, its characteristics, procedures, needs and desires”, he stressed, in an address to decision-makers, investors, managers and academics from about a dozen countries, who at the event organised by the Portuguese Diaspora Council to explore opportunities and analyse projects to bring Europe and Africa closer together.

The president of AICEP explained the various financial support instruments made available by the European Commission to invest in Africa and also highlighted “the power of the Portuguese diaspora as a connecting force between cultures, companies and continents”.

Source: Lusa