Cabo Verde posts trade deficit of US$668.5 million in 2013

7 February 2014

Cabo Verde posted a trade deficit of 54.467 billion escudos (US$668.5 million) in 2013, which was an improvement of 10.9 percent against the deficit in 2012, the country’s National Statistics Institute (INE) said.

This improvement was due to imports falling 8.4 percent to 60.201 billion escudos and exports rising 25.6 percent to 5.735 billion escudos.

As a result, the rate of coverage of imports by exports rose by 2.6 percentage points to 9.5 percent in 2013.

Cabo Verde’s exports to Europe and the United States rose by 25.6 percent and 24.6 percent. In Europe Spain was the biggest export market, accounting for 66.7 percent of total exports (a rise of 9.9 percent), ahead of Portugal, which saw a rise of 29.9 percent to 16.5 percent of the total.

In terms of imports, Europe saw a slight drop of 0.1 percent, but remained as Cabo Verde’s biggest supplier accounting for 80.8 percent of the country’s total imports.

Imports from the US and Africa fell by 15.5 percent and 7.5 percent respectively, whilst Asia was the continent the exported the second largest amount of goods to Cabo Verde, with 8.4 percent of the total.

“Portugal continues to be our biggest supplier, with 40.2 percent of total imports, despite seeing a year-on-year drop of 7.5 percent in 2013,” said the INE report. (macauhub)