Exports in Cape Verde up 44.3pct in 2018 and Spain is the main destination

Praia – Exports in Cape Verde increased 44.3 per cent in 2018 compared to the previous year, with Spain still the main customer, while Portugal remains the country’s main supplier, but registered a drop of 2,3 percentage points.

According to external trade statistics released by the National Statistics Institute (INE) of Cape Verde, exports rose 44.3 per cent, while imports decreased 1.2 per cent compared to the year 2017. Re-exports increased by 13 per cent , 7 per cent.

The same document indicates that, last year, the trade deficit narrowed (-4.3 per cent) and the coverage rate increased (three percentage points).

Cape Verde’s INE indicates that in the same period, Cape Verde’s exports totaled 7 million Cape Verdean escudos (about 63,990 euros), corresponding to an increase of 44.3 per cent, that is, an additional 2.1 million Cape Verdean escudos (about 19,655 euros).

Europe continues to be Cape Verde’s main customer, absorbing around 95.9 per cent of Cape Verde’s total exports.

According to INE, Spain continues to lead the ranking of Cape Verde’s main customers in the European economic zone, representing, in 2018, 78.4 per cent of total exports.

In that year, the products most exported by Cape Verde were prepared and preserved fish (60.9 per cent), followed by fish, crustaceans and molluscs (18.1 per cent) and garments (8.9 per cent).

In terms of imports, Portugal remains the main supplier of Cape Verde, with 40.6 per cent of the total (2.3 percentage points less than the previous year), followed by Spain (13.9 per cent) and the Netherlands (6.3 per cent).

Europe continues to be the main supplier of Cape Verde with 78 per cent of the total amount, followed by Asia / Oceania (11 per cent), America (6.2 per cent), Africa (2.6 per cent) and Rest of the World ( 2.2 per cent).

Consumer goods continue to be the main economic category of goods imported by Cape Verde, with 44.8 per cent of total imports, compared to 2017.