Trade Profile

flag Equatorial Guinea Equatorial Guinea: Trade Profile

Foreign Trade in Figures

Equatorial Guinea is very open to trade, which accounted for 102% 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 all of the country’s exports are represented by crude petroleum (about 70%) and gas (around one-fifth). Imports are led by vessels (23%), machinery (10.9%), beverages and alcoholic products (7%), meat (5.8%), and iron (4.2% - data ITC, 2021).

Equatorial Guinea’s key export partners in 2021 were China (23.3%), India (16.4%), Spain (15.4%), South Korea (7%), the Netherlands (5.8%), and the U.S. (5.4%); whereas imports came chiefly from Spain (19%), China (12.2%), Gabon (11.9%), Nigeria (11.5%), the United States (5.1%), and the UK (4% - data ITC). Equatorial Guinea is also 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 5.7 billion worth of goods in 2021 (an increase of nearly 80% compared to 2019) and imported USD 1.9 billion (+10.2%); whereas no reliable figures are available concerning trade in services. According to the World Bank, the country’s trade balance was positive by 8.9% of its GDP in 2021 (from -2.5% one year earlier).

 
Foreign Trade Indicators 20172018201920202021
Imports of Goods (million USD) 2,1723,0872,2751,7241,900
Exports of Goods (million USD) 5,2006,5005,3003,2005,700
Imports of Services (million USD) 00000
Exports of Services (million USD) 00000
Imports of Goods and Services (Annual % Change) 86-11-1113
Exports of Goods and Services (Annual % Change) -4-6-14-54
Foreign Trade (in % of GDP) 1021049589102
Imports of Goods and Services (in % of GDP) 4444444647
Exports of Goods and Services (in % of GDP) 5960514355

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

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Commercial Policy

International Economic Cooperation
Member of ECCAS (Economic Community of Central African States)

Member of CEMAC (Economic and Monetary Community of Central Africa)

Member of AEC (African Economy Community)

Assessment of Commercial Policy
Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
18.25%
 
 
 
 

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Latest Update: September 2023