National flag

 

Map

 

Basic Information

Cape Verde is located in the middle of the Atlantic Ocean, and it is at the crossroads connecting the three major continents – America, Africa and Europe. The land area is 4,033 square kilometres, accommodating a population of about 540,000. There are about 3,000 Chinese living in Capeo Verde. The capital Praia is the political, economic, cultural and financial centre of the country.

Investment Environment

Cape Verde has stable political situation and considerable social harmony and economic development. It has also diverse culture, simple folkways and a healthily operating legal system. Its per capita income and quality of life are among the highest in Africa. The country has a superior geographical location, stable political environment and abundant marine resources. The tourism industry and renewable energy have great development potential.

Doing Business 2020 –the World Bank’s report on business environment – pointed out that Cape Verde’s score has improved in terms of cross-border trade, starting up business, electricity access and property registration.

The Cape Verdean economy is dominated by service sector, which accounts for about 75% of GDP. Tourism is the main source of economic growth and employment, with 85% of foreign investment in tourism. In addition, the fishing industry plays an important role in economy. The country has an exclusive marine economic zone of 734,000 square kilometres. The fishery resources are relatively rich, which has not yet been fully developed and utilised.

Trade Overview

The main export destinations of Cape Verde include Spain, Portugal, Italy and the United States. The main export goods are fuel (re-export), fish and crustaceans, clothes, shoes and accessories. Main import origins include Portugal, Spain, Belgium, and the Netherlands. The main imported goods include consumer goods, international goods, capital goods, and petroleum.

China’s exports to Cape Verde include light industrial daily necessities, furniture, automobiles, and building materials. China’s imports from Cape Verde mainly include iron and steel products, boilers, machines, mechanical appliances, and parts.

Economic Indicators

2017(a)

2018(a)

2019(a)

2020(b)

Surface area (sq. km)

4,033

4,033

4,033

4,033

Population (thousand)

537

544

550

GDP (US$ million)

1,772.7

1,986.4

1,979.4(b)

Real GDP growth rate (%)

4.0

5.5

5.4(b)

-1.3

Total exports (US$ million)

189.6

273.2

265.7

235.2

Total imports (US$ million)

849.4

959.6

-931.2

-781.2

Consumer Price Index (%)

0.8

1.3

1.1

0.7

Current account balance (US$ million)

-141.3

-94.6

-4.4

-101.7

Exchange rate (Escudo CVE : USD)

97.8

93.4

98.5

100.0

Remarks: (a) actual value; (b) estimated value of Economist Intelligence Unit (EIU); (c) estimates of Economist Intelligence Unit (EIU).
Source: Country Report May 2020 (Cape Verde) by the British Economist Intelligence Unit

Main export and import destinations

Main export destinations (2018)

Proportion in total exports (%)

Spain

65.0

Portugal

15.2

Italy

13.3

USA

2.5

Others

4.0

Main source of import (2018)

Proportion in total imports (%)

Portugal

43.2

Spain

14.5

Belgium

7.4

The Netherlands

6.0

Others

28.9

Source: International Trade Center (ITC)

Main export and import goods

Major export goods (2018)

Proportion in total exports (%)

Products of meat, fish, crustaceans, mollusks or other aquatic invertebrates

60.9

Fish, crustaceans, mollusks or other aquatic invertebrates

18.1

Footwear, leggings and similar products; parts of such products

5.5

Non-knitted or non-crocheted clothing and clothing accessories

4.5

Others

11.0

Major import goods (2018)

Proportion in total imports (%)

Fossil fuels, mineral oil and its distilled products; bituminous substances; mineral wax

12.1

Nuclear reactors, boilers, machinery and mechanical appliances and relevant spare parts

7.7

Electrical machinery and equipment and their parts; recorders and speakers, television image and sound recorders and replayers, parts and accessories of such products

6.8

Vehicles other than railway or tramway vehicles and their parts and accessories

6.3

Others

67.1

Source: International Trade Center (ITC)

Statistics on the trade between Mainland China and Cape Verde (US$ 10,000)

Year

Total trade

Total exports*

Total imports**

2019

6,420.9

6,418.1

2.9

2018

7,856.0

7,827.0

29.0

2017

6,922.9

6,922.1

0.8

2016

4,870.2

4,861.9

8.3

2015

4,498.0

4,495.8

2.3

Remarks: * Value of goods exported to Cape Verde from Mainland China; **Value of goods imported from Cape Verde to Mainland China
Source: General Administration of Customs of the People’s Republic of China

Sources:

  • Country (region) guide for foreign investment co-operation (Cape Verde) by the Ministry of Commerce of the People’s Republic of China
  • General Administration of Customs of the People’s Republic of China
  • International Trade Center (ITC)
  • SinoMaps Press
  • Country Report May 2020 (Cabo Verde) by the British Economist Intelligence Unit
  • Doing Business 2020 by the World Bank

Updated in May 2020.