Africa-Press – Cape verde. Provisional data on Foreign Trade released by the National Institute of Statistics (INE) show that Cape Verdean exports grew 70.3% between January and March this year, compared to the same period last year. Imports, on the other hand, increased by 25.0% in the first quarter of this year compared to the same period of 2022, while Re-exports grew by 24.4% in the same period under review, compared to the first quarter of last year. In the period under analysis, the trade balance deficit increased by 22.8% and the coverage rate increased by 1.7 percentage points.
In an analysis of Exports by Economic Zones, main customers and goods, INE data indicate that in the first quarter of 2023, Cape Verde’s exports totaled PTE 1,591 million, corresponding to an increase of PTE 657 thousand (about PTE 70.3 million). %) compared to the same month.
Between January and March, Europe continued to be Cape Verde’s main customer, absorbing 95.1% of Cape Verde’s total exports.
Spain continues to lead as Cape Verde’s main customer in the European economic zone, representing 70.4% of total exports in the first quarter of 2023, compared to the same quarter of 2022.
Portugal occupies second place with 13.7%, decreasing 9.7 pp in relation to the same quarter of the previous year, while Italy, in third place, with 10.8%, registered a decrease of 4.1 pp, and the United States, in fourth position, with 4.3%, increased by 2.8 pp
the most exported
Between January and March of this year, prepared and preserved products lead the ranking with 77.0% of total exports (increasing 6.5 pp).
The clothing section occupies the second place with 8.1% (decreasing 3.2 pp), and footwear, the third position, with 5.6%, (decreasing 2.2 pp) in relation to the registered in the same quarter of the last year.
These three products represented, in the quarter under review, 90.6% of Cape Verde’s total exports, increasing by 1.1 pp compared to that recorded in the same quarter of 2022, which was 89.5%.
With regard to Imports by Economic Zones, main suppliers and goods, the European continent is the main supplier of Cape Verde, with a weight of 71.7% of the total amount (against 70.6% in the 1st quarter of last year), followed by Asia/Oceania (14.9%), America (9.8%), Rest of the World (2.1%) and Africa (1.6%).
Portugal main supplier
Portugal, on the other hand, leads among Cape Verde’s suppliers, with 42.6% of total imports, (with a decrease of 1.2 pp in relation to the same quarter of the previous year), followed by Spain (14.8%), Netherlands (4.4%), Brazil (4.3%) and Taiwan (4.1%).
It should be noted that the ten main imported products reached 52.5% of the total amount of Cape Verde’s imports (compared to the 50.7% achieved by these same products in the same quarter of the previous year). The most imported products were fuels (14.2%, with a decrease of 1.6 pp), reactors and boilers (7.2%), machines and engines (5.4%), iron and ironworks (5. 0%) and motor vehicles (4.4%).
Imports by Major Goods Categories
With regard to imports by large categories of goods, INE data show that in the first quarter of 2023, all group categories evolved positively in relation to the same period of 2022: consumer goods (27.6%), intermediate goods (24.4%), capital goods (38.6%) and fuels (12.2%).
Consumer Goods continue to be the main economic category of goods imported by Cape Verde, with a weight of (46.2%), followed by Intermediate Goods, with (31.2%), Fuels, with a weight of ( 14.2%) and Capital Goods with (8.4%) of total imports, compared to the 1st quarter of 2022.
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