Cape Verde’s balance of trade deficit reduced 10.5 percent in 2009

1 March 2010

Praia, Cape Verde, 1 March – The Cape Verdean balance of trade deficit dropped 10.5 percent in 2009 due to a fall in imports and a rise in both exports and re-exports, the country’s National Statistic Institute (INE) said Saturday in Praia.

According to INE figures imports fell by 9.6 percent, exports rose 10.4 percent and re-exports 2.2 percent.

Figures from INE showed that in 2009 Cape Verde imported goods worth 51 million euros, of 5 million euros less than in 2008.

Cape Verdean exports rose to Europe (21 percent), the US (122 percent) and Asia (100 percent), but saw a drop to the African market of 99.1 percent, as compared to 9 percent in the year-ago period.

In 2009 the archipelago’s exports totalled around 27 million euros, compared to 24 million euros the previous year.

The reduction of the balance of trade deficit improved Cape Verde’s import coverage ratio by 0.9 percent against 2008.

In 2009 Europe consolidated its position as Cape Verde’s main customer, absorbing around 97 percent of all exports, a year on year rise of 8.5 percent.

In relation to Cape Verde’s imports, Europe continued to be the main supplier, with 78.8 percent of the total in the period, as compared to 80.6 percent the previous year, or a negative variation of 11.7 percent. (macauhub)