Equatorial Guinea: Trade Profile

Foreign Trade in Figures

Equatorial Guinea is open to trade, which accounted for 88% of its GDP (World Bank, latest data available). The country is working to reduce non-tariff barriers and its relatively high customs duties. Administrative procedures and corruption are other big obstacles to a good performance of trade and business. Almost half of the country’s exports are represented by crude petroleum and gas (around one-third). Imports are led by special purpose ships, refined copper, ferroalloys, raw copper, and poultry meat (data ITC, 2022).

Equatorial Guinea’s key export partners in 2022 were Zambia (21.3%), Spain (15.3%), China (15.1%), India (9.9%), and Italy (5.9%); whereas imports came chiefly from Zambia (37.6%), China (13.6%), Spain (9.9%), Nigeria (7%), the United States (4%), and Angola (2.5% - data ITC). Equatorial Guinea is a member of several regional and international trade organizations, including the African Union, the Economic Community of Central African States (ECCAS), and the World Trade Organization (WTO). The country is also a signatory of the African Continental Free Trade Area (AfCFTA), which seeks to create a single market for goods and services across the African continent.

The country has maintained a trade surplus in recent years thanks to its oil reserves (with the exception of 2020 due to the effects of the pandemic on global hydrocarbon trade). According to the latest WTO data, it exported USD 7.5 billion worth of goods in 2022 (an increase of 31.5% y-o-y) and imported USD 2.8 billion (+1.1%); whereas no reliable figures are available concerning trade in services. According to the World Bank, the country’s trade balance was positive by 16.1% of its GDP in 2022 (from 12.4% one year earlier).

Foreign Trade Indicators	2019	2020	2021	2022	2023
Imports of Goods (million USD)	2,100	1,546	1,746	2,988	3,100
Exports of Goods (million USD)	5,400	3,200	5,700	7,500	5,200
Imports of Services (million USD)	1,651	1,053	0	0	n/a
Exports of Services (million USD)	208	197	0	0	n/a
Imports of Goods and Services (Annual % Change)	-11	-11	13	6	n/a
Exports of Goods and Services (Annual % Change)	-14	-5	4	2	n/a
Foreign Trade (in % of GDP)	95	89	102	102	n/a
Imports of Goods and Services (in % of GDP)	44	46	47	46	n/a
Exports of Goods and Services (in % of GDP)	51	43	55	56	n/a

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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