Angola posted a trade surplus of AKZ 1.07 trillion in May 2026, 48.22% below the April 2026 surplus, according to official trade statistics reported by Angola’s Instituto Nacional de Estatística (INE). Exports still rose year on year, according to official external trade statistics published by Angola’s Instituto Nacional de Estatística (INE), as reported by local media including Angola24Horas and 360Mozambique.

Hydrocarbons still set the pace

The latest data show how dependent Angola remains on hydrocarbons for external earnings. In May 2026, petroleum, fuels and gas represented 92.78% of Angola’s export value, according to INE.

Sonangol, Angola’s state oil company, continues to anchor the country’s export base. In May 2026, China remained Angola’s dominant export market, taking 56.50% of total exports, followed by Indonesia with 8.58%, India with 8.06%, Spain with 7.60% and Italy with 4.41%, according to INE.

That concentration matters for the Angola trade balance. It means movements in crude prices and output still drive the country’s hard-currency intake.

The May 2026 surplus also sat alongside mixed trade momentum. According to INE data reported for May 2026, exports of goods rose 21.43% year-on-year, while imports also increased compared with the same period of the previous year.

However, the month-on-month picture was softer. For May 2026, exports of goods fell 20.93% month-on-month, while imports of goods increased compared with April 2026, according to INE.

Imports point to structural dependence

The import profile remains equally telling. For May 2026, Angola’s imports were dominated by partner countries such as Togo (16.65%), China (16.38%), the Netherlands (8.31%), Portugal (7.23%) and Saudi Arabia (6.85%), according to INE; detailed product shares for refined fuels, machinery, food and vehicles are not publicly available in the same release.

This mix shows a persistent reliance on external supplies for energy processing and industrial support. It also points to exposure to freight costs, supply-chain shifts and currency conditions.

In May 2026, Togo was Angola’s largest source of imports at 16.65% of total goods, followed by China at 16.38%, the Netherlands at 8.31%, Portugal at 7.23% and Saudi Arabia at 6.85%, according to INE.

Compared with the broader trend seen in April 2026, the trade picture remains volatile. In that month, Angola also recorded a large surplus, but with a different import mix and sharper swings in monthly flows.

The Angola trade balance remains healthy, but it is still anchored by oil. That supports near-term external resilience, yet it also leaves the country exposed to any renewed weakness in crude revenues or shipping and import costs. The key marker to watch next is whether export growth broadens beyond hydrocarbons and whether import demand keeps rising faster than foreign earnings.

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