Cabo Verde sees improvements in the trade deficit in 2018

29 January 2019

Cabo Verde’s trade deficit improved by 4.3% in 2018 from 72.99 billion escudos in 2017 to 69.19 billion escudos last year, the archipelago’s National Statistical Institute said in Praia.

This improvement was due to exports growing by 44.3% year-on-year to 7.060 billion while imports fell by 1.2% to 76.254 billion.

Re-exports, which have a very significant weight in Cabo Verde’s trade, increased 13.7% to 23.767 billion escudos.

Europe remained Cabo Verde’s main buyer, accounting for around 95.9% of total Cape Verdean exports, with Spain being the main customer, with a 78.4% share of all exports.

The products most exported by Cabo Verde last year were prepared and preserved fish, representing 60.9% of the total, fish, crustaceans and mollusks in second place with 18.1% of the total and clothing with a weight of 8.9%.

The same document showed that Europe also remained the main supplier of Cabo Verde, with 78.0% of the total amount, followed by Asia/Oceania with 11.0%, America with 6.2%, Africa with 2.6% and the rest of the world with 2.2%. (macauhub)