Trade Profile

flag Cape Verde Cape Verde: Trade Profile

Foreign Trade in Figures

Cape Verde has one of Africa's most open economies, and trade represents 83% of its GDP (World Bank, latest data available). It became a member of the WTO in 2008 and enjoys preferential access to American and European markets, thanks to American legislation - the African Growth and Opportunity Act (AGOA) - and the Treaties of Lome and Cotonou. The country has also signed a free trade agreement with China. Cape Verde mainly exports fish and caviar (74.2% of total exports), clothes (8.1%), and parts of footwear (5.9%); while it imports food products (21.4%), fuels (19.2%), construction materials (8.7%), and machinery (6.1% - data INE, 2022).

Cape Verde's main customers are Spain (54.7% of total exports), Portugal (19.2%), Italy (18.8%), and the United States (5.2%). Its major suppliers are Portugal (42.7% of total imports), Spain (8.6%), China (5.1%), the Netherlands (5%), and the U.S. (2.4% - data INE 2022). However, global trade tensions among China, the United States, and Europe - key trading partners to the island economy - could have a negative impact on their economy. Additionally, the archipelago's strategic location means that Cape Verde is increasingly at the crossroads of the transatlantic narcotics trade. Consequently, the United States and Cape Verde are currently working together to fight drug trafficking along its coast. The construction of a special economic zone (involving Chinese investments) is expected to increase trade in the future. Overall, the export base of the country is limited in terms of products and partner countries.

The trade balance is in a structural deficit, a trend that should continue for the next years. In 2021, Cape Verde shipped USD 54 million worth of goods and imported goods for USD 800 million. With regard to services, the country exported USD 282 million and imported USD 229 million (WTO). According to World Bank data, in 2021 the country's trade balance was negative by 33.4% of GDP. According to preliminary data by the National Institute of Statistics (INE), in 2022 the country exported CVE 5 million worth of merchandise, importing CVE 96 million.

 
Foreign Trade Indicators 20172018201920202021
Imports of Goods (million USD) 789816796720800
Exports of Goods (million USD) 5076625354
Imports of Services (million USD) 330363342204229
Exports of Services (million USD) 607661709264282
Imports of Goods and Services (Annual % Change) 1661-234
Exports of Goods and Services (Annual % Change) 8129-596
Trade Balance (million USD) -660-686-666-660-711
Foreign Trade (in % of GDP) 1131171168583
Imports of Goods and Services (in % of GDP) 6768656058
Exports of Goods and Services (in % of GDP) 4649512525

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Partner Countries

Main Customers
(% of Exports)
2020
Spain 63.0%
Portugal 15.1%
Italy 11.6%
United States 5.6%
Germany 2.5%
See More Countries 2.1%
Main Suppliers
(% of Imports)
2020
Portugal 41.9%
Netherlands 16.2%
Spain 8.4%
Italy 6.4%
China 6.1%
See More Countries 21.0%

Source: Comtrade, Latest Available Data

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Main Products

0.1 bn USD of products exported in 2020
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs 61.9%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304) 16.6%
Parts of footwear, incl. uppers whether or not...Parts of footwear, incl. uppers whether or not attached to soles other than outer soles; removable in-soles, heel cushions and similar articles; gaiters, leggings and similar articles, and parts thereof (excl. articles of asbestos) 5.0%
Men's or boys' underpants, briefs, nightshirts,...Men's or boys' underpants, briefs, nightshirts, pyjamas, bathrobes, dressing gowns and similar articles, knitted or crocheted (excl. vests and singlets) 2.7%
Flours, meals and pellets, of meat or meat offal,...Flours, meals and pellets, of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption; greaves 2.7%
See More Products 11.1%
1.1 bn USD of products imported in 2020
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 32.1%
Containers, incl. containers for the transport of...Containers, incl. containers for the transport of fluids, specially designed and equipped for carriage by one or more modes of transport 3.6%
Cement, incl. cement clinkers, whether or not...Cement, incl. cement clinkers, whether or not coloured 2.7%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.3%
Bars and rods, of iron or non-alloy steel, not...Bars and rods, of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but incl. those twisted after rolling (excl. in irregularly wound coils) 1.7%
See More Products 57.7%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

0.3 bn USD of services exported in 2020
56.22%
18.62%
8.81%
8.59%
2.93%
1.94%
1.28%
0.99%
0.31%
0.29%
0.01%
0.2 bn USD of services imported in 2020
30.45%
24.19%
23.37%
6.48%
5.95%
2.71%
2.28%
1.77%
1.37%
1.31%
0.11%

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of Economic Community of West African States (ECOWAS)

Member of African Union (AU)

Assessment of Commercial Policy
Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
16.96%
 
 

Trade Compliance

International Economic Cooperation
Member of Economic Community of West African States (ECOWAS)

Member of African Union (AU)

Useful Resources
 
 
 

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Latest Update: September 2023