Equatorial Guinea is located in the heart of the Gulf of Guinea in west-central Africa, bordered by the Atlantic Ocean to the west, Cameroon to the north, and Gabon to the east and south. It has a total land area of 28,051.46 square kilometres and a total population of 1.4 million. The capital of Equatorial Guinea is Malabo and the economic centre is Bata, the country’s largest city.
Equatorial Guinea has abundant petroleum, natural gas, phosphate, gold, alumina, zinc and diamond resources, with proven crude petroleum and natural gas reserves of 1.1 billion barrels and 36.8 billion cubic metres respectively. In 2020, the daily production capacity of oil was about 109,200 barrels and the daily production capacity of liquefied natural gas was about 16,700 cubic metres, which are mainly extracted by companies from the US and the UK. The country enjoys rich forestry and fishery resources, with 1.626 million hectares of forests and 58% forest cover rate. The country has 312,000 square kilometres of a maritime exclusive economic zone, which is rich in tuna, African yellow croaker and prawns, with an annual catch of 70,000 to 100,000 tonnes.
Equatorial Guinea is the third largest oil producer in sub-Saharan Africa. Oil has become the backbone of the country’s economic and social development.
|Trade in Goods|
Major trading partners of Equatorial Guinea include Canada, China, France, India, Italy, Japan, the Netherlands, Spain, and the USA.
The main exports are crude oil, natural gas and processed products, timber, cocoa and coffee. The main imports are processed petroleum products, petroleum production equipment, construction materials, public utility goods and everyday goods.
Equatorial Guinea adopts a free-trade policy with no import quotas and relies almost entirely on imports for everyday goods and production materials.
Source: People’s Republic of China Ministry of Commerce “Country (region) guide for foreign investment co-operation (Equatorial Guinea)”