News from Islands
Re-exports, exports and imports of Cape Verde increased 166, 31.4 and 18 percent respectively over the same period in 2010, according to foreign trade data compiled by the National Statistics Institute (INE). The trade deficit has also improved, increasing 17 percent, and the coverage ratio improved by 0.9 percentage points (pp).+
Europe remains the main customer of Cape Verde, absorbing 98.9 percent of total exports, and an improvement of 38.1 percent for the economic zone. Exports to the other continents were dwarfed and had negative development for Africa (-18.2 percent), America (-79.4 percent) and positive for Asian (121.3 percent).
Spain leads the ranking of the main customers of Cape Verde in the European economic area, representing, in the second quarter of this year, 57.4 percent of total exports. Germany ranks second in the structure of exports, 29.6 percent of the total, while Portugal is ranked third, with 11.6 percent. Portugal and the United States had a negative trend with -40.5 percent and -79.6 percent, respectively.
Fish and shellfish are ranked first accounting for 45.0 per cent in the list of exported products. Canned fish come in second with 37.8 percent of the total.Alcoholic beverages were negative development, -35.0 percent. Exports of canned fish and fish and shellfish grew respectively 78.7 percent and 9.8 percent, compared to amounts recorded in the second quarter of 2010.
Imports increased by 18.0% over the same period last year. Also the level of imports, the European continent remains the main supplier of Cape Verde, with 86.4 percent of the total. Exports to Cape Verde increased 27.1 percent. Imports from other continents have fallen compared to the same period in 2010, Africa (-7.6 percent), Asia (-19.0 percent) and Latin (-25.2 percent).
Portugal maintained its leadership among suppliers of Cape Verde, with 43.6 percent of the total, followed by the Netherlands with 16.9 percent. In the second quarter 2011, all major countries of origin of imports of Cape Verde, had positive development, compared with the same period, with the exception of Brazil (-23.3 percent).
The top ten imports in the second quarter of 2011 reached 60.3 percent of total imports of the country. Products with positive developments are the most significant fuels (93.3 percent), reactors (43.9 percent) and vehicles (38 percent).The machines had negative trend (-36.6 percent), rice (-28.4 percent) and cement (-16.5 percent).
For imports of goods by category, all evolved positively over the same period of 2010. The fuel had the greatest variation, with 93.4 percent. The following are capital goods with 15.6 per cent and intermediate goods to 13 percent. Consumer goods showed the lowest variation (0.2 percent), representing 34.0 percent of total imports in the second quarter of 2011.
