The trade deficit in Cape Verde widened to CVE 5049.6 million in February 2019 from CVE 4122.3 million in the same month a year ago. Imports surged 21.5 percent to CVE 5421.6 million, fuelled by purchases of consumption goods (20.7 percent) and intermediate goods (50.6 percent). Conversely, imports declined for capital goods (-1.2 percent), of which agricultural machinery (-78.7 percent); boats (-43.4 percent); and fuels (-6.1 percent), mostly fuel-oil (-47.3 percent). Meantime, exports rose at a slower 4.5 percent to CVE 372 million, as sales of traditional products grew 10.5 percent, namely frozen fish (675.6 percent) while manufactured ones fell 6.5 percent, of which clothing (-19.4 percent). Balance of Trade in Cape Verde averaged -5056.31 CVE Million from 1999 until 2019, reaching an all time high of -1864.74 CVE Million in February of 2004 and a record low of -27692.99 CVE Million in December of 2002.
Balance of Trade in Cape Verde is expected to be -5781.07 CVE Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Cape Verde to stand at -5733.90 in 12 months time. In the long-term, the Cape Verde Balance of Trade is projected to trend around -5712.13 CVE Million in 2020, according to our econometric models.