Cabo Verde’s trade deficit shows improvement in 1st half-year

13 August 2014

The trade balance of Cabo Verde has declined by 2.4 percent, falling from 25.784 billion escudos in 2013 to 25.176 billion escudos in the first half of this year, the National Statistics Institute announced.

The trade deficit for the January-June period is derived from exports worth 2.831 billion escudos (up 15.8 percent year-on-year) and imports worth 28.008 billion escudos (down 0.8 percent).

The import/export coverage rate improved by 1.4 percent, rising from 8.7 percent in the first six months of 2013 to 10.1 percent in the same period this year.

The second quarter also witnessed an improvement in foreign trade, with the balance rising from 13.932 billion escudos in 2013 to 13.311 billion escudos this year.

Europe continued to be Cabo Verde’s main export destination in the second quarter, accounting for 95.5 percent of total exports, down slightly from the 97.7 percent posted in the same period of 2013.

Europe still supplies most of Cabo Verde’s imports (77 percent). Portugal remains in the lead, accounting for 39.1 percent of the island country’s total imports, followed by the Netherlands with 16.9 percent. (macauhub/CV)