The trade balance between Portugal and the Portuguese-speaking African Countries (PALOP) rose 141% in the first quarter of this year, reaching 323.6 million euros, due to the turnaround in relations with Angola.
According to International Trade data from the National Statistics Institute (INE), the trade balance had been positive for Portugal by 131.7 million euros from January to March 2020, rising to 323.6 million euros, essentially due to the fact that trade with Angola went from negative to positive.
In the first quarter of last year, Portugal had exported goods worth 224 million euros, but had bought the equivalent of 242 million euros, therefore having a negative balance of about 20 million euros.
In the first three months of this year, however, the panorama changed significantly: Portugal bought Angolan goods worth only 6.7 million euros and exported goods worth 197 million euros, which caused the trade balance to go from -18.1 million to 190 million euros.
In all other countries, the balance remained positive for Portugal in the first quarter of this year compared to the first three months of last year, although for Mozambique and Sao Tome and Principe the balance between purchases and sales from Portugal was lower.
