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Trade balance with Mozambique fell 2.4% in 2023 (but it is positive)
The balance of the Portuguese trade balance with Mozambique worsened by 2.4% last year, but remained positive at 448.2 million euros, continuing the favourable balance recorded in recent years.
© Lusa
Economia AICEP
According to data from the Portuguese Agency for Investment and Foreign Trade (AICEP) based on the Bank of Portugal, sent to Lusa, trade with Mozambique has always had a favourable balance for Portugal in the last five years, with 2022 being the year in which the balance tipped most in Portugal's favour.
The positive balance that year was 459.4 million euros, increasing compared to the 356.1 million recorded in 2021.
Mozambique is Portugal's 33rd export customer, representing 0.28% of sales, and is the 78th supplier, selling 0.03% of the goods that Portugal buys abroad, which means that the influence on the evolution of Portugal's trade balance is very insignificant.
Even so, in 2022, there were 1,291 Portuguese companies exporting goods and services to Mozambique, operating in two main areas: machinery and equipment, and chemical products.
In the opposite direction, Portugal imports agricultural products and wood and cork which, together, represent more than 70% of Portuguese purchases in this African Portuguese-speaking country.
With regard to investment, Portugal has invested close to 2,000 million euros in Mozambique in the last three years and last year, it invested 1,949 million euros, which represents an increase of 8.5% compared to the 1,503 million invested in 2019.
Even so, these values represent only around 3% of the total foreign investment by Portuguese companies.
On the contrary, Mozambican investment in Portugal has always been below 100 million since 2019, reaching a maximum in 2022, with 94 million euros invested by Mozambican companies in Portugal, representing around 0.1% of total foreign investment.
More than 80 Mozambican businesspeople are taking part in a business mission to Porto, Sines and Lisbon from this Monday, trying to reverse the decline in economic relations in recent years between the two countries, with the presence of the President of Mozambique, Filipe Nyusi.
The mission's "highlight" will be the Portugal-Mozambique Business Forum, on 24 April, under the theme 'Internationalisation of Portuguese Companies in PALOP: The Case of Mozambique', which will be "led by the Government of Mozambique, where business cooperation agreements will be signed", said the vice-president of the Confederation of Economic Associations of Mozambique (CTA), Maria Assunção Abdula.
Read Also: Marcelo and Nyusi in business forum between Portugal and Mozambique (Portuguese version)
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