Equatorial Guinea: Trade Profile
Equatorial Guinea is very open to trade, which accounted for 90% of its GDP in 2020 (World Bank). The country is working to reduce non-tariff barriers and its relatively high customs duties. Administrative procedures and corruption are other big obstacles for 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 (31%), machinery, iron, alcoholic products, electrical appliances and meat (ITC, 2020).
Equatorial Guinea’s key export partners in 2020 were China, Spain, Portugal, India and South Korea; whereas imports came chiefly from Nigeria, Spain, China, the United States and Brazil (OEC).
The country has maintained a trade surplus in recent years thanks to its oil reserves. According to the latest WTO data, it exported USD 3.2 billion worth of goods in 2020 (a decrease of nearly 40% compared to 2019) and imported USD 1.7 billion (-24% y-o-y). No reliable figures are available for the trade in services; however, the World Bank estimated that imports of goods and services decreased by 8% in 2020 compared to 2019, and exports decreased by 9%. According to IMF estimates, in 2021 imports rebounded by 24.3% compared to 2020, whereas export growth reached 44.9%.
| Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 2,172 | 3,087 | 2,275 | 1,724 | 1,900 |
| Exports of Goods (million USD) | 5,200 | 6,500 | 5,300 | 3,200 | 5,700 |
| Imports of Services (million USD) | 0 | 0 | 0 | 0 | 0 |
| Exports of Services (million USD) | 0 | 0 | 0 | 0 | 0 |
| Imports of Goods and Services (Annual % Change) | 8 | 6 | -11 | -11 | 13 |
| Exports of Goods and Services (Annual % Change) | -4 | -6 | -14 | -5 | 4 |
| Foreign Trade (in % of GDP) | 102 | 104 | 95 | 89 | 102 |
| Imports of Goods and Services (in % of GDP) | 44 | 44 | 44 | 46 | 47 |
| Exports of Goods and Services (in % of GDP) | 59 | 60 | 51 | 43 | 55 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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Member of CEMAC (Economic and Monetary Community of Central Africa)
Member of AEC (African Economy Community)
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Latest Update: February 2023
