Cape Verde’s exports and imports decrease in 2012

1 February 2013

Cape Verde’s exports and imports decreased by 15.4 percent and 12.6 percent, respectively, in 2012, according to provisional foreign trade figures published in Praia by the Cape Verdean National Statistics Institute (INE).

The figures showed that exports fell to 4.566 billion Cape Verdean escudos, as compared to 5.395 billion escudos a year earlier, whilst imports fell from 75.16 billion escudos in 2011 to 65.711 billion last year.

Re-exports rose by 28.6 percent from 18.916 billion escudos in 2011 to 24.324 billion escudos in 2012.

INE also said that the balance of trade posted a deficit decreased by 12.4 percent, from 69,765 billion escudos in 2011 to 61.145 billion escudos last year and the ratio of imports to exports fell 30 basis points year on year to 6.9 percent in 2012.

In 2012, “Europe continued to be Cape Verde’s biggest customer, accounting for 92.5 percent of total exports,” said INE, according to which Spain remained the archipelago’s biggest European export market, accounting for around 76.3 percent of total exports in 2012.

Portugal, despite seeing a drop of almost 14 percent compared to 2011, was second on the list of main buyers of products from Cape Verde, with 16 percent of the total.

Europe remained the archipelago’s main supply of goods by providing 74.1 percent of the total in the period (compared to 81.7 percent the previous year), and Portugal was the biggest supplier out of the European nations accounting for 39.9 percent of Cape Verde’s imports. (macauhub)