Cabo Verde’s balance of trade deficit increases in 2014

29 January 2015

Cabo Verde’s (Cape Verde’s) balance of trade deficit worsened by 5.5 percent in 2014 to a deficit of 57.437 billion escudos, according to provisional results published Wednesday by the National Statistics Institute (INE).

According to figures issued in Praia, Cabo Verde’s balance of trade in 2013 posted a deficit of 54.461 billion escudos.

In 2014, exports increased by 16.6 percent to 6.695 billion escudos, against 5.740 billion escudos a year earlier, but imports grew 6.5 percent to 64.131 million escudos, against 60.201 billion escudos in 2013.

By economic area, it appears that “with the exception of Asia, there was a positive development in the value of exports from Cabo Verde to all economic areas, with Africa and America registering the highest increase in the period under review.”

Among European countries, Spain leads the list of Cabo Verde’s major customers, accounting for about 63.8 percent of total exports in 2014 and registering an increase of 11.6 percent compared to 2013.

“Portugal is in second place in the structure of Cabo Verde’s exports with 15.0 percent of the total and an increase of 6.5 percent over 2013,” said INE.

Europe continued to be Cabo Verde’s main supplier, with 80.7 percent of the total recorded in the period (against 80.8 percent last year).

Portugal remained Cabo Verde’s largest supplier, with 39.0 percent of total Cape Verdean imports, with the Netherlands in second place with 14.8 percent. (macauhub/CV/ PT)