Cape Verde’s exports and imports rise in 2011 along with balance of trade deficit

21 February 2012

Praia, Cape Verde, 21 Feb – Cape Verde’s exports and imports rose 37.6 percent and 21.5 percent, respectively, in 2011 according to figures published in Praia by the Cape Verdean National Statistics Institute (INE).

The figures, cited by Cape Verdean news agency Inforpress, were included in a report on Cape Verde’s foreign trade in 2011, and showed that the rise also affected the balance of trade deficit, which increased by 20.4 percent although the rate of coverage improved by 0.9 percentage points.

The value of exports totalled 5.397 billion Cape Verdean escudos (48.94 million euros in 2011 and imports totalled 75.146 billion escudos (681.5 million euros).

In the document, Cape Verde’s INE noted there had been an improvement in Cape Verde’s exports to all economic areas, with Europe remaining as the country’s biggest customer (94.1 percent of total exports).

Spain and Portugal remained in the top spots wit Spain accounting for 66.6 percent and Portugal 15.7 percent, despite Cape Verde’s exports to Portugal falling by 8.7 percent.

Europe remained Cape Verde’s main supplier, accounting for 81.7 percent of all imports in 2011, as compared to 79.1 percent the previous year, and with a positive variation of 25.4 percent. (macauhub)