Imports increase in Cape Verde in November and Portugal is the main supplier
According to provisional data on foreign trade compiled by INE, in November 2022 the European continent continued to be Cape Verde’s main supplier, with a weight of 68.1% of the total amount of norms, against 73.3% in the month of November of last year, followed by Asia/Oceania (20.1%), America (7.3%), Africa (2.9%) and the Rest of the World (1.6%).
Between October and November, wings from Cape Verde on the European continent evolved positively (26.0%), according to the INE, which expected a positive evolution in the amount of flights from Africa (69.4%), America ( 63.3%) and Asia (71.2%).
“In the opposite direction, the Rest of the World evolved autonomously (8.4%), compared to the same month of 2021”, stressed that Cape Verdean institute.
With regard to countries, Portugal ranks first in Cape Verde’s suppliers, with a weight of 41.9%, albeit with a decrease of 9.9 percentage points.
Spain and India follow, both with 9.3%, Belgium (8.4%) and China (6.4%), with percentages higher than those recorded in November 2021.
As for the main imported products, they reached 60.3% of the total amount of wings in Cape Verde in November, against 50.8% achieved by these same products in the same month.
Analyzing the weight of the main imported products in the period under analysis, the INE found that fuel (22.2%), reactors and boilers (7.8%), machinery and engines (6.3%) and meat and edible offal ( 4.2%) showed greater increases when compared to the month of November 2021.
“In the opposite sense, motor vehicles (4.1%), iron and articles thereof (3.4%), plastics and articles thereof (3.3%) and milk and cream (3.2%) protected decreases, compared to November 2021”, concluded the same source.
As for exports from Cape Verde, in November they totaled 444 million escudos (4 million euros), corresponding to a decrease of 5.4% compared to the same month last year.
In the month under study, Europe continues to be Cape Verde’s main customer, absorbing around 95% of Cape Verdean exports, with an increase of 0.6%.
At the country level, Spain leads the ranking of Cape Verde’s main customers in the European economic zone, representing 68.7% of exports in November 2022, increasing 13.9 percentage points compared to the same month of 2021.
Portugal ranks second in the structure of exports (13.4%), recording 3.7 percentage points in relation to the same month, followed by Italy (10.5%) and the United States (4.7%).
Prepared and preserved products (72.3%), clothing (8.6%) and fish, crustaceans and molluscs (7.7%) were the main products exported by Cape Verde in November 2022, with the three representing 88 .6% of the archipelago’s total exports, increasing 2.4 percentage points compared to the same month in 2021.
In November, Cape Verde’s re-exports increased by 67.2%, according to INE, indicating that the trade balance deficit increased by 38.6% and the coverage rate decreased by 2.1 percentage points.