Angola’s fuel exports fell to 91.5% of merchandise exports in 2025.

Neither way is good in itself. A high share means export earnings follow the oil market closely, and a lower share means other goods are making up more of the total. A fall can come from other exports growing or from fuel sales shrinking, which is why the direction alone settles little. The latest figure, for 2025, is 91.5% of merchandise exports, down from 94.3% a year earlier, a drop of 2.8 percentage points. It is the lowest reading since 2016, and the highest in that span was 95.8% of merchandise exports in 2018.

Why it matters. Fuel still makes up almost all of what Angola sells abroad in goods, so the foreign currency available to pay for imports and to fund the state budget depends mainly on oil. Households feel this through the cost of imported food and goods, and firms outside the oil sector face the same exposure. The next annual reading will show whether the share keeps easing from its 2018 peak.