Cape Verde’s balance of trade deficit rises 12.1 pct in third quarter

1 November 2011

Praia, Cape Verde, 1 Nov – Cape Verde’s exports totalled 1.225 billion Cape Verdean escudos in the third quarter of the year and imports totalled 18.616 billion escudos, which represented year-on-year rises 96.9 percent and 15.3 percent, respectively, the National Statistics Institute (INE) said in Praia.

INE also said that the balance of trade deficit had increased by 12.1 percent, although the ratio of exports to imports had improved by 2.7 percentage points.

The value of exports of Cape Verdean products in the third quarter of 2010 was 622 million Cape Verdean escudos (US$7.8 million) whilst imports totalled 16.139 billion escudos (US$202.6 million).

In the third quarter of 2011, Europe remained Cape Verde’s main customer, absorbing around 95.6 percent of total exports.

Spain was the main buyer of Cape Verdean products having absorbed 66.6 percent of the total, which was followed by Portugal with 14.7 percent and France with 14.1 percent.

In terms of imports, Europe maintained its leadership amongst Cape Verde’s suppliers, with 81.3 percent of the total, with Portugal in first place and accounting for 37.5 percent of total imports. (macauhub)