The import of iron and steel to Angola has experienced significant volatility over the past decade. After peaking in 2014 at 902.01 million USD, imports have generally trended downward. As of 2023, Angola's iron and steel imports stood at 115.45 million USD. Over the last two years, from 2021 to 2023, there has been a notable decline of 15.54%. The compound annual growth rate (CAGR) from 2018 to 2023 was -12.67%, reflecting a continued drop in imports.
Looking ahead, forecasts for iron and steel imports show a sharp decrease, with a forecasted 5-year CAGR of -45.34%, plummeting to 4.4929 million USD by 2028. This represents a 95.12% reduction from current levels. Future trends to watch for include:
- Fluctuations in Angola's industrial and construction sectors might impact the demand for iron and steel imports.
- Policy changes and economic diversification efforts by the Angolan government could alter import patterns.
- Global market conditions, including steel prices and trade policies, could significantly influence Angola’s import volumes.