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2022
Product
Exports | Imports $92.2M | $993M196 of 226 |  184 of 226
2022
Per Capita Product
Exports | Imports $155 | $1.67k158 of 220 |  140 of 220

About

Overview In 2022 Cape Verde was the number 196 economy in the world in terms of total exports and the number 184 in total imports.

Exports The top exports of Cape Verde are Processed Fish ($50.3M), Molluscs ($5.81M), Fish Fillets ($4.21M), Petroleum Gas ($3.41M), and Scrap Iron ($2.94M), exporting mostly to Spain ($51.3M), Portugal ($10.9M), Italy ($8.39M), United States ($5.59M), and India ($4.84M).

Imports The top imports of Cape Verde are Refined Petroleum ($186M), Non-fillet Frozen Fish ($24.6M), Cars ($23.8M), Rice ($23.2M), and Cement ($21M), importing mostly from Portugal ($407M), Spain ($118M), China ($78.1M), Netherlands ($68.2M), and Togo ($50M).

Location Cape Verde borders Gambia, Mauritania, and Senegal by sea.

Latest Trends

Latest Trade

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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Cape Verde.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

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Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Processed Fish$50.3M
Top Destination (2022)Spain$51.3M

In 2022, Cape Verde exported a total of $92.2M, making it the number 196 exporter in the world. During the last five reported years the exports of Cape Verde have changed by -$5.56M from $97.8M in 2017 to $92.2M in 2022.

The most recent exports are led by Processed Fish ($50.3M), Molluscs ($5.81M), Fish Fillets ($4.21M), Petroleum Gas ($3.41M), and Scrap Iron ($2.94M). The most common destination for the exports of Cape Verde are Spain ($51.3M), Portugal ($10.9M), Italy ($8.39M), United States ($5.59M), and India ($4.84M).

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Exports (2022)
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Destinations (2022)
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Market Growth

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Growth
Fastest Growing Export Markets (2021 - 2022)
Portugal$1.82M (+ 20.2%)
United States$1.78M (+ 46.6%)
Italy$1.27M (+ 17.8%)
Fastest Growing Import Markets (2021 - 2022)
Portugal$38.6M (+ 10.5%)
Spain$36.6M (+ 45%)
Togo$23.9M (+ 91.8%)

Total Export Growth by Market (2021 - 2022)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Cape Verde Exports Services (2020)$290M
Cape Verde Imports Services (2020)$213M

In 2020, Cape Verde exported $290M worth of services. The top services exported by Cape Verde in 2020 were Personal travel ($152M), Air transport ($42.2M), Government services, n.i.e. ($25.5M), Other business services ($24.9M), and Sea transport ($11M).

The top services imported by Cape Verde in 2020 were Other business services ($49.9M), Personal travel ($49.3M), Sea transport ($44.8M), Air transport ($20.1M), and Government services, n.i.e. ($13.8M).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Most Specialized Products by RCA Index

Cape Verde has a high level of specialization in Processed Fish (646), Fishing and Hunting Equipment (150), Molluscs (116), Footwear Parts (67.6), and Surveying Equipment (50.9). Specialization is measured using RCA, an index that takes the ratio between Cape Verde observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Cape Verde according to the product complexity index (PCI) are Navigational instruments and appliances; direction finding compasses (1.45), Children's picture, drawing or colouring books (0.72), Carbon electrodes, carbon brushes, lamp carbons, battery carbons and other articles of... (0.64), Vacuum flasks and other vacuum vessels, complete with cases; parts thereof other... (0.55), and Finishing agents, dye carriers to accelerate the dyeing, fixing of dyestuffs, other... (0.54). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Cape Verde according to the relatedness index, were Non-fillet Fresh Fish (0.08), Fish: dried, salted, smoked or in brine (0.076), Tropical Fruits (0.072), Knit Men's Shirts (0.072), and Processed Crustaceans (0.072). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Cape Verde is not specialized in.

Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Cape Verde. These are products that tend to be co-exported with the products that Cape Verde exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2022)

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Diversification Frontier

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