- Fish' The Largest Export Product Of Cape Verde
[dropcapC[/dropcap]ape Verde is the 184th largest export economy in the world and Cape Verde Top Exports are Processed Fish which accounts for $(37.8M), Non-fillet Frozen Fish ($19.9M), Planes, Helicopters, and/or Spacecraft ($5.86M), Molluscs($5.8M) and Fish Fillets ($3.87M), using the 1992 revision of the HS (Harmonized System) classification.
Cape Verde Top Exports: Processed Fish
The Republic of Cape Verde is composed of 9 islands, Santo Antão, São Vicente, São Nicolao, Sal, Boavista, Maio, Santiago, Fogo and Brava, with an important role played by fisheries in the economy in terms of employment, livelihood, food and nutrition. The sector reported around 4 800 full time fishers. In 2011, per capita fish consumption was estimated at 12.2 kg accounting for about 10 percent of total animal proteins of Processed Fish.
In 2012 total capture production was about 20 200 tonnes with tunas providing about 66 percent of total catch. Currently 13 vessels are registered as tuna fishing fleet of Cabo Verde under ICCAT.
Much of the Processed Fish like tunas, as well as lobsters and cephalopods are exported and they provide the nation with sizable foreign exchange earnings. In 2013, exports of Processed Fish and fishery products, valued at USD 58.4 million, and represented 84 percent of total merchandise trade. Exports of tuna had a share of 56 percent of the total value of fishery exports. Imports were worth USD 4.5 million.
Cape Verde mainly trades with countries outside of the African continent. The top export destinations of Cape Verde are Spain($50.7M), Portugal ($19.3M), Italy ($7.16M), the Netherlands ($6.06M) and the United States ($3.42M). Exports are only to four African destination markets – Morocco (destination market for 50% of Cape Verde’s intra-Africa exports), Algeria (33%), Guinea-Bissau (16%) and Ghana (2%).
Cape Verde top exports are Processed Fish (75 percent of total exports) and clothing (10 percent). Main export partner is Spain (86 percent of total exports) followed by Portugal (10 percent) and the United States.
The economy of Cape Verde is a service-oriented economy that is focused on commerce, trade, transport and public services. Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Agriculture is made difficult by lack of rain and is restricted to only four islands for most of the year.
In 2017 Cape Verde exported $101M, making it the 184th largest exporter in the world. During the last five years the exports of Cape Verde have increased at an annualized rate of 3.9%, from $88.3M in 2012 to $101M in 2017. The most recent exports are led by Processed Fish which represent 37.1% of the total exports of Cape Verde, followed by Non-fillet Frozen Fish, which account for 19.6%.
In 2017 Cape Verde imported $843M, making it the 172nd largest importer in the world. During the last five years the imports of Cape Verde have increased at an annualized rate of 1.3%, from $795M in 2012 to $843M in 2017. The most recent imports are led by Refined Petroleum which represent 8.27% of the total imports of Cape Verde, followed by Planes, Helicopters, and/or Spacecraft, which account for 3.27%.
The top import origins are Portugal ($340M), Spain($116M), China ($56M), Italy ($50.7M) and the Netherlands ($40.6M).
Cape Verde is an island and borders the Gambia, Mauritania and Senegal by sea.