Cabo Verde’s trade deficit improves in 2015

8 March 2016

The trade deficit of Cabo Verde (Cape Verde) recorded a 7.0 percent improvement in 2015 when it stood at 53.413 billion escudos, according to provisional data released Monday by the National Statistics Institute (INE).

A summary of the main results of the development of foreign trade also said that, besides the trade deficit, exports and imports decreased by value and percentage against 2014, with the rate of coverage of imports by exports improving by 0.7 percentage points to 11.1 percent.

Cape Verdean exports in 2015 totalled 6.646 billion escudos (-0.8 percent compared to 2014) and imports fell 6.4 percent to 60.059 billion escudos.

Europe was the continent which absorbed most Cape Verdean exports, accounting for 89.5 percent of the total and an annual increase of 3.7 percent, and of these Spain, with 69 percent and Portugal with 14.1 percent were the main buyers.

Processed or canned fish (44.3 percent of the total) and fish, crustaceans and molluscs (40.2 percent) were the main products exported by Cabo Verde last year.

Europe continued to be the main supplier of Cabo Verde, accounting for 75.8 percent of imports, down 12.1 percent compared to 2014, with Portugal in first place with 43.5 percent of total Cape Verdean imports followed by the Netherlands, which accounted for 11.6 percent. (macauhub/CV/ PT)