Cape Verde saw a 16% increase in goods exports and a reduction in imports year-on-year in the third quarter, with a notable rise in canned goods exports to Spain, according to the National Statistics Institute (INE).
“Europe remains Cape Verde’s primary export market, absorbing 97.1% of all exports,” INE reported. Spain led as Cape Verde’s top European trade partner, accounting for 74.3% of exports in the third quarter of 2024, up by 14.6 percentage points from the same period in 2023. Following Spain were Italy, Portugal, and the United States, though these markets recorded year-on-year declines in imports from Cape Verde.
Prepared and preserved fish remained Cape Verde’s dominant export category, representing 83% of goods exports and showing a 4.4% increase over the previous year. Apparel and footwear followed, making up 6.6% and 3.6% of exports, respectively. “These three product groups accounted for 93% of Cape Verde’s total merchandise exports in the third quarter, marking a 4.2 percentage point increase compared to the same period in 2023,” noted INE.
Cape Verde’s canned goods production relies on imported fish, which benefits from European Union (EU) customs exemptions, treating it as Cape Verdean origin for access to European markets. Although goods exports are modest compared to service exports, primarily in tourism, they are critical for local employment across the archipelago.
On the import front, Cape Verde’s imports fell by 8.5% in the third quarter, with Portugal remaining the leading supplier, making up 36.7% of imports, followed by Spain (10.5%) and India (9.2%). The main imports included fuels (44%), motor vehicles (4.6%), reactors and boilers (4.5%), machinery and engines (3.8%), and iron (2.8%).
INE’s Foreign Trade Statistics bulletin also reported a 14.6% increase in re-exports—goods resold without being used domestically. During this period, Cape Verde’s trade deficit narrowed by 9.3%, while the trade coverage rate improved by 0.8 percentage points.