Cape Verde records a 65.6% decrease in exports in October 2023

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Cape Verde records a 65.6% decrease in exports in October 2023
Cape Verde records a 65.6% decrease in exports in October 2023

Africa-Press – Cape verde. Provisional Foreign Trade data for the month of October indicated a decrease in exports by 65.6 percent (%) compared to October 2022, as well as a decrease in imports by 18.3%, compared to the same period last year.

According to the National Institute of Statistics (INE), a 10.3% decrease in re-exports was also noted in the same period under analysis, with the trade balance deficit also decreasing by around 15.0% and the coverage rate recorded a decrease of 3.8 percentage points (pp).

By Economic Zones, main customers and goods, statistics revealed that in October this year Cape Verde’s exports totaled 201 thousand contos, corresponding to a decrease of 384 thousand contos (-65.6%), compared to the same month last year.

Europe, he reported, continued to be Cape Verde’s main customer, absorbing 97.9% of total Cape Verdean exports, with Portugal leading the ranking of Cape Verde’s main customers in the European economic zone, representing 47.9% in the in that month, that is, an increase of 29.0 pp compared to the same month.

In the period under analysis, the most exported products by Cape Verde were clothing, which led the ranking with 33.4% (increasing 22.5 pp), preparations and preserves occupied second place, with 30.0% (decreasing 31. 8 pp), and footwear, in third place, with 14.5%.

By Economic Zones, main suppliers and goods, Cape Verde totaled 7,225 thousand contos of imports, which corresponds to a decrease of 1,621 thousand contos (-18.3%), compared to the same month of the previous year.

The European continent also proved to be Cape Verde’s main supplier, with a weight of 72.3% of the total amount (compared to 74.0% in October last year), followed by Asia/Oceania (17 .0%), America (6.6%), Africa (2.1%) and the Rest of the World (2.1%).

“Portugal leads among Cape Verde’s suppliers, with 44.9% of total imports (with an increase of 3.5 pp compared to the same month of the previous year)”, pointed out INE.

The ten main imported products reached 54.5% of Cape Verde’s total imports compared to the 51.8% achieved by these same products in the same month.

“The most imported products were fuels (19.5%), motor vehicles (6.3%), reactors and boilers (5.9%), machines and engines (4.3%), and cement (4.2%). %)”, indicated the same source.

Furthermore, according to INE, in relation to Imports by Major Categories of Goods, they all evolved negatively in relation to October last year.

“Consumer goods represented -20.3%, intermediate goods -11.8%, capital goods -17.8%, and fuels -22.6%”, he explained.

Consumer goods, with a weight of 43.6%, continued to be the main economic category of goods imported by Cape Verde, followed by Intermediate Goods (28.7%), Fuels (19.5%) and Goods of Capital (8.2%).

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