Cabo Verde’s trade deficit cable widens 11.3% from January to September

19 October 2016

The trade deficit of Cabo Verde (Cape Verde) recorded an increase of 11.3% from January to September, to 43.548 billion escudos, against 39.138 billion escudos in the same period of 2015, according to the archipelago’s National Statistics Institute (INE).

INE also reported that the deficit was the result of national exports (not including re-exports) falling 2.1% to 4.426 billion escudos and imports in the same period increasing 9.9% to 47.974 billion escudos.

In the third quarter, the trade deficit amounted to 16.902 billion escudos, an amount that represents an increase of 50.9% on the figure recorded in the same period of 2015, with 11.198 billion escudos.

From July to September, Cabo Verde exported goods worth 1.427 billion escudos, an annual drop of 15.4% and imported goods whose value reached 18.328 billion escudos, an increase of 42.2%.

In the third quarter Europe remained the main customer of Cabo Verde, absorbing about 98.5% of exports, and was also the main supplier, accounting for 83.4% of total imports.

By country, Portugal remained Cabo Verde’s main supplier, with 46.5% of the total, followed by Spain, the Netherlands and China, with 13.9%, 5.8% and 4.3% of the total imports, respectively. (macauhub)