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Lusophone Exports to China Down By 0.3% in October

Lusophone Exports to China Down By 0.3% in October

Lusophone exports to China fell 0.3 per cent in the first ten months of 2024, with a 23 per cent decrease in October reversing the best start to the year ever, official figures show.

Exports totalled 119.3 billion dollars (112.9 billion euros) between January and October, according to data from the China Customs Service released on Thursday.

In the first nine months of the year, exports had recorded the highest figure since the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries (Forum Macau) began presenting this data in 2013.

But the scenario was reversed in October, when exports fell 23 per cent compared to the same period in 2023, to 10.2 billion dollars (9.67 billion euros).

The figures show that the drop was mainly due to the second largest Portuguese-speaking supplier to the Chinese market, Angola, whose sales fell 4.8 per cent to 14.8 billion dollars (14 million euros).

On the other hand, as far as China’s biggest trading partner in the Lusophone bloc is concerned, Brazil’s exports grew by 0.3 per cent to 99.6 billion dollars (94.2 billion euros), a new high for the first ten months of the year.

Portugal’s sales of goods to China rose 8.6 per cent to 2.58 billion dollars (2.44 billion euros), while Mozambique’s exports rose 11.9 per cent to 1.46 billion dollars (1.38 billion euros).

In contrast, exports from Equatorial Guinea to the Chinese market fell by 17.1 per cent to 887.2 million dollars (838.8 million euros), while sales from East Timor (down 98.7 per cent), Cape Verde (down 81.2 per cent) and São Tomé and Príncipe (down 91.2 per cent) also fell compared to the period between January and October 2023.

Guinea-Bissau’s exports to China almost tripled in the first ten months of 2024, although the country didn’t sell more than a thousand dollars (around 945 euros) worth of goods.

In the opposite direction, Portuguese-speaking countries imported goods worth 71.9 billion dollars (68 billion euros) from China, an annual increase of 18.3 per cent and a new record for the first ten months of the year.

Brazil was the biggest buyer in the Portuguese-speaking bloc, with imports totalling 60.8 billion dollars (57.5 billion euros), followed by Portugal, which bought goods worth 5.12 billion dollars (4.84 billion euros) from China.

In all, trade between Portuguese-speaking countries and China totalled 191.2 billion dollars (180.8 billion euros) between January and October, 6% more than in the same period in 2023 and a new high for the first ten months of the year.

China recorded a trade deficit of 47.4 billion dollars (44.8 billion euros) with the Portuguese-speaking bloc between January and October this year.

Lusa

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