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HomeAfricaCape Verdian trade balance worsens by 23% in second quarter of 2011

Cape Verdian trade balance worsens by 23% in second quarter of 2011

The Cape Verdian trade balance worsened by 23 per cent in the second quarter of this year compared to the first quarter, official sources in Praia told PANA on Tuesday.

According to the Bank of Cape Verde (BCV), the trade deficit went up from 4.382 billion Cape Verdian escudos (about 37.9 million euros) in the first quarter to 7.666 billion escudos (69.5 million euros) in the second quarter.

BCV said the increase in the economy’s financing requirements also translated into the significant reduction of capittal transfers to the tune of 1.25 billion Cape Verdian escudos (about 11.3 million euros).

In its quarterly report, BCV also reveals that in the second quarter, the financing of the Cape Verdian economy was done through public borrowing  (58 per cent) in the face of the low performance of foreign direct investment.

The export of goods increased by 35.6 per cent, compared to those of the same period last year, whereas the export of fish exclusively for Euro zone markets, represented about 84 per cent of the total.

The quaterly report also indicates that the dynamism of the toutrist sector is visible in increased traffic of foreign airlines with gross revenues increasing by 13.9 per cent while remittances from immigrants increased by 36.4 per cent as compared to the same period in 2010.

Foreign currency transfers from Euro zone countries increased by 39.1 per cent in the second quarter, while those coming from the United States dropped by nearly 13 per cent

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