Cape Verde posts trade deficit of US$197.8 million in first quarter

6 May 2011

Praia, Cape Verde, 6 May – Cape Verde posted a balance of trade deficit of 14.92 billion Cape Verdean escudos (US$197.8 million) in the first quarter of 2011, when exports rose by 27.4 percent and imports by 21.4 percent, according to the archipelago’s National Statistics Institute (INE).

The trade deficit rose by 21 percent against the same period of 2010 due to imports totalling 16.042 billion escudos and exports totalling 1.12 billion escudos.

As a consequence of that deficit, the rate of coverage of imports by exports improved by 0.3 percentage points rising from 6.7 percent in the first quarter of 2010 to 7 percent in the period from January to March of this year.

In the period, Europe continued to be the main export destination for Cape Verde, acquiring 98.1 percent of all exports, with Spain in first place, followed by Portugal, India and the United States of America.

In terms of imports, Europe maintained its leadership amongst Cape Verde’s suppliers, with 76.7 percent of the total, with Portugal in first place, followed by the Netherlands. (macauhub)