Cape Verde: Exports to Portugal account for 43 percent of total in 2008

21 April 2009

Praia, Cape Verde, 21 April – In 2008 Portugal remained Cape Verde’s biggest trading partner and was the destination of 43 percent of Cape Verdean exports, according to figures issued Monday in Praia by the Cape Verdean National Statistics Institute (INE).

Overall figures for imports and exports in 2008 – INE only published percentage figures – point to growth of 3.4 percent and 71.9 percent, respectively, against the previous year.

In the period, the balance of trade deficit increased by 1.6 percent, whilst the rate of coverage of imports by exports, which in 2007 was just 2.4 percent, improved in 2008 to 4.3 percent.

Fish, clothing and footwear remain the main Cape Verdean export products, with the first product tripling, from 2007 to 2008, its overall amount, and currently accounting for 61 percent of the total.

In the opposite direction, clothing and footwear saw a drop, falling by 8 percent and 12.4 percent, respectively against 2007.

By economic areas and main countries, the European continent remained Cape Verde’s biggest partner, having increased its position in terms of importance from 79.2 percent in 2007 to 88.5 percent in 2008.

In relation to Cape Verde’s imports in 2008, Europe remained the main origin of goods, with its relative weighting rising from 79.6 percent in 2007 to 80.6 percent last year.

Portugal, the Netherlands, Spain, Brazil, Japan , Germany and France were the main trading partners of Cape Verde, accounting for 80.8 percent of total imports in 2008, as compared to 77.6 percent in 2007. (macauhub)