Cape Verde Export Prices Surge 28.6% Driven by Canned Fish
Cape Verde’s export economy received a significant boost this fall, with the prices of the nation’s exported goods surging 28.6% in October compared to the same period last year. This sharp increase far outpaced the growth in import costs, marking a period of favorable trade dynamics for the Atlantic archipelago.
Favorable Trade Conditions Take Hold
According to the latest Foreign Trade Price Index from the National Institute of Statistics (INE), the country has seen a strengthening trend in export values since August. While export prices spiked, the cost of imports grew by a marginal 0.4% year-on-year. This disparity has benefited the nation’s “Terms of Trade Index,” which reached 104.9 points in October. Any value above 100 indicates that a country is earning more on its exports relative to what it spends on imports.
Canned Fish Leads the Way
The primary driver behind this growth is the country’s seafood industry. Canned and frozen fish account for more than two-thirds of Cape Verde’s total goods exports. These products are predominantly destined for the European Union, with Spain maintaining its position as the archipelago’s largest buyer.
The Service Sector Context
While the rise in commodity prices is a positive sign for the industrial sector, goods still represent only a small fraction of Cape Verde’s total economic output. Exported goods account for just one-tenth of the value generated by the service sector. The nation’s economy remains heavily reliant on tourism and travel-related activities, which serve as the primary engine for national growth.
The National Institute of Statistics (INE) compiles these trade indices using administrative records based on a 2015 baseline. The data highlights a stabilizing resilience in Cape Verde’s primary exports amidst shifting global market conditions.
Image: Pexels – Tom Fisk
