Cabo Verde’s balance of trade deficit improves in 1st quarter

5 May 2014

Cabo Verde’s (Cape Verde’s) balance of trade deficit posted an improvement of 13 percent year on year at 11.865 billion Cape Verdean escudos, the archipelago’s National Statistics Institute (INE) said.

According to the published figures, the contraction in the size of the trade deficit improved the rate of coverage of imports by exports by 4 percentage points from  7.2 percent in the first quarter of 2013 to 11.6 percent in the same period of 2014.

In the first three months of the year Cabo Verde exported goods worth 1.556 billion escudos (68.2 percent more) and imported goods worth 13.421 billion escudos (5.0 percent more).

Europe remained the main destination of Cabo Verde’s exports, taking on around 90.2 percent of the total exported in the period, with Spain in first place as it imported 65 percent of Cabo Verde’s foreign sales, followed by Portugal with 20.1 percent.

Europe was also the main supplier of goods to the archipelago, with 82.2 percent of the total, with Portugal as the main European supplier accounting for 41.7 percent, and the Netherlands and Spain, with 19 percent and 7.2 percent, respectively. (macauhub/CV)