Cape Verde Exports Plunge 37% as Fish Sales Slump
Cape Verde experienced a significant downturn in product exports during the first quarter of 2026, with overseas sales plummeting by 37.4% compared to the same period last year. According to the latest Foreign Trade Bulletin from the National Institute of Statistics (INE), the country’s export value dropped to approximately 12.5 million euros, a loss of 7.5 million euros year-on-year.
Fish Exports Take a Hit
The decline was driven largely by the performance of the nation’s primary exports: fish and canned goods. While these products constitute the bulk of Cape Verde’s physical trade, officials noted that such fluctuations are often linked to seasonal fishing cycles and shifting order volumes from key European partners. Spain, Italy, and Portugal remains the leading destinations for Cape Verdean goods.
Tourism Remains the Economic Anchor
Despite the sharp drop in tangible goods, experts suggest the figures do not tell the whole story of the island nation’s economic health. Physical goods represent only a fraction of Cape Verde’s total revenue from abroad. The national economy is overwhelmingly dominated by the tourism sector, a service-based industry that continues to show consistent growth and was not included in these specific trade figures.
Falling Imports and Rising Re-exports
The report also highlighted a cooldown in domestic demand, with imports decreasing by 8.7% in the first quarter. These imports, predominantly fuel and consumer goods from Europe, remain the largest component of the country’s trade activity. In contrast, one of the few bright spots in the report was a 32.3% surge in re-exports.
Ultimately, these shifts resulted in a 7.4% reduction in the trade balance deficit. However, the export coverage rate—the degree to which exports pay for imports—slipped by 1.4 percentage points, reflecting the widening gap between what the country sells and what it buys on the global market.
Image: Pexels – Carlo Jünemann
