Cabo Verde’s balance of trade deficit increases in 2nd quarter

29 July 2015

The trade deficit of Cabo Verde (Cape Verde) recorded an annual increase of 4.9 percent in the second quarter of 2015, to 13.965 billion escudos, reported the archipelago’s National Institute of Statistics (INE).

The registered deficit was due to Cabo Verde exporting goods worth 1.668 billion escudos (+30.8 percent) and importing goods worth 15.633 billion escudos (+7.2 percent).

As a result, the rate of coverage of imports by exports stood at 10.7 percent, two percentage points higher than in the same period of 2014.

In the second quarter Europe continued to be Cabo Verde’s main export customer, accounting for 95.7 percent of total exports, with Spain the main buyer of the archipelago’s products (77.6 percent), followed by Portugal with 15.2 percent.

Portugal continued to be the main supplier of Cabo Verde, accounting for 43.2 percent of total Cape Verdean imports, followed by the Netherlands with 14 percent and Spain with 8.0 percent.

During the reporting period Cabo Verde mainly exported fish and shellfish (42.8 percent of the total) and imported fuels (13.5 percent), reactors and boilers (8.0 percent), machinery and engines (7.5 percent) and iron and its derivatives (5.5 percent). (macauhub/CV/ PT)