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Wed, 11 Dec 2019 17:29 - Updated Wed, 11 Dec 2019 17:29

Angola reduces imports by 10%

Luanda - The volume of the country's total imports fell by 10 percent from January to October this year, compared to the same period last year, said Deputy Governor of the National Bank of Angola (BNA), Tiago Dias.

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Angola reduces imports this year

Photo: Nelson Malamba

Such reduction, according to Tiago Dias, who spoke at the press conference on "Financing the Economy", promoted by the Ministry of Economy and Planning, is the result of the measures taken by the Government.

In  terms of food imports alone, the Central Bank saw a decrease of 21.7% when compared to the same period (January to October) of 2018.

He said that if these measures were not taken, the country would see a worsening in the current account of the balance of payments, and in the same period as a result, export earnings would be reduced by 19.4%.

"If we had not reduced imports, the current account would have a deficit and, consequently, we would have an extremely negative impact on the balance of payments of the country," said the deputy governor of the BNA.

Over the 10-month period from January to October this year, At least USD 1.3 billion was spent on imports of staple goods and other priority products.

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