Country Information - Cape Verde
ECONOMIC BACKGROUNDCape Verde weathered a period of high macroeconomic uncertainty in the face of important fiscal deficits in the run-up to the 2000-2001 elections for Parliament and the Presidency. The ensuing austerity program was backed by a first PRGF program in April 2002. Nonetheless, the growth rate fell to 3.0 percent in 2001, from 8.0 percent in 2000. The fiscal turn-around limited the deficit at about 3.0 percent including grants in 2001 (down from 19 percent in 2000). Exports (including tourism receipts) remain limited at about 27 percent of GDP, while imports represent about 60 percent of GDP. The tourism sector contributed approximately 8 percent of GDP in gross receipts in 2001, about twice as much as in 1999.
On the political front, Cape Verde is a well-established functioning democracy, which has made impressive political and legal reforms and entrenched the rule of law. Having emerged out of a one-party political system, the country held its first democratic general elections in 1991, its second in 1996, and its third in 2001. The PAICV (Partido Africano para a Independência de Cabo Verde) is currently in office since its victory in legislative and presidential elections in January and February 2001, respectively. (Source: World Bank Group)
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BI-LATERAL TRADE OVERVIEWVery little trade takes place between the Cape Verde Islands and the United States. Total trade has been decreasing slightly over the past few years, and the Cape Verdes currently incur a trade deficit in bi-lateral trade with the U.S.
No exports under the provisions of AGOA occurred during 2001 or 2002. However, on August 28, 2002, the Republic of Cape Verde was recognised to have met the necessary requirements under the 'Wearing Apparel Provisions', in addition to being declared a "Lesser Developed Country" and thus qualifying for the rules of origin exemption until September 30, 2004. The possibility thus exists that the Cape Verdes will in due course start exporting garments under AGOA.
Of the negligible exports to the U.S., textiles and clothing accounted for over 90% of the total, with year-on-year data revealing growth in this category.
Detailed bilateral trade data for this country, disaggregated by industry sector, can be accessed by following the link below. Aggregate data featuring all AGOA-eligible countries is updated on this website as soon as new data is published, including ranked AGOA / non-AGOA trade, aggregate trade by industry sector as well as the latest apparel trade data.
Click here for Detailed Trade Profile
21 AGOA FORUM 2013: Ethiopia will host the 2013 US-Africa AGOA Forum. AGOA.info has been informed that the Forum will not take place as envisaged on 28 June - 1 July, but at a later date yet to be determined. The theme for this year’s Forum is “Trade and Technology for sustained change”“
21 December 2012: Guinea-Bissau and Mali lose AGOA eligibility
APRIL 2013: Monthly data has been updated to include February 2013 data, quarterly includes full year 2012 data.
New US strategy towards Africa: White House Factsheet on new strategy towards Africa, plus overview of past US engagement with Africa. Click here for the file and this link for a summary article.
02 August 2012: Bill to extend third country fabric provision passes Congress Download the House of Reps. Bill at this link
South Sudan declared AGOA-eligible on 26 March 2012. Earlier, Cote d'Ivoire, Niger and Gambia declared AGOA eligible on 25 October 2011. See news item, presidential declaration and trade overview at this link (S Sudan) and here (others).
US GSP extended and GSP benefits to be applied retrospectively for the year 2011 since expiry of previous GSP. See AGOA.info legal documents section at the following link.
AGOA at 10: Reflections on US-Africa trade with a focus on SACU: Tralac Working Paper that can be downloaded at this
December 2010: The Democratic Republic of Congo loses its AGOA eligibility status. See proclamation here (pdf download available at this link
ITC investigation of textiles and apparel: Further details at this link
AGOA IV – Changes to AGOA explained
For disaggregated trade data covering each AGOA country, follow the relevant link in the Country Sections (left column) or click here.
For detailed AGOA maps click here