01Key Takeaways
- Cabo Verde's exports totaled $281.68 million in 2023, down 9.1% from $309.81 million in 2022, easing from a five-year high.
- An aggregated "unspecified destinations" reporting category made up the largest share at 39.3% of exports ($110.84 million), ahead of Spain at 19.2% and Portugal at 14.7%.
- The top three entries together made up 73.3% of total export value.
- Mineral fuels led all export categories at 61.0% of total value ($171.72 million), far ahead of processed meat, fish and crustaceans at 14.4%.
025-Year Trend
| Year | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Value | $344.7M | $53.1M | $234.9M | $309.8M | $281.7M |
03Top Export Markets (2023)
| Rank | Partner | Value | Share |
|---|---|---|---|
| 1 | Areas, nes | $110.8M | 39.3% |
| 2 | Spain | $54.1M | 19.2% |
| 3 | Portugal | $41.5M | 14.7% |
| 4 | Togo | $11.6M | 4.1% |
| 5 | Netherlands | $11.0M | 3.9% |
| 6 | Italy | $9.5M | 3.4% |
| 7 | France | $7.3M | 2.6% |
| 8 | United Arab Emirates | $6.6M | 2.3% |
| 9 | India | $5.5M | 2.0% |
| 10 | Belgium | $4.4M | 1.6% |
04Top Export Categories (2023)
| Rank | Category | Value | Share |
|---|---|---|---|
| 1 | Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes | $171.7M | 61.0% |
| 2 | Preparations of Meat, of Fish or of Crustaceans, Molluscs or other Aquatic Invertebrates | $40.4M | 14.4% |
| 3 | Railway or Tramway Locomotives, Rolling-Stock and parts thereof; Railway or Tramway Track Fixtures and Fittings and parts thereof; Mechanical (including Electro-Mechanical) Traffic Signalling Equipment of all kinds | $25.9M | 9.2% |
| 4 | Fish and Crustaceans, Molluscs and other Aquatic Invertebrates | $13.1M | 4.6% |
| 5 | Nuclear Reactors, Boilers, Machinery and Mechanical Appliances; Parts thereof | $3.8M | 1.4% |
| 6 | Aluminium and Articles thereof | $2.4M | 0.9% |
| 7 | Footwear, Gaiters and the like; Parts of such Articles | $2.3M | 0.8% |
| 8 | Electrical Machinery and Equipment and parts thereof; Sound Recorders and Reproducers, Television Image and Sound Recorders and Reproducers, and Parts and Accessories of such Articles | $2.3M | 0.8% |
| 9 | Tobacco and Manufactured Tobacco Substitutes | $2.1M | 0.7% |
| 10 | Optical, Photographic, Cinematographic, Measuring, Checking, Precision, Medical or Surgical Instruments and Apparatus; Parts and Accessories thereof | $1.7M | 0.6% |
05Trade Partner Map
06Analysis
Unspecified Destinations and Iberia Lead a Fuel-Heavy Export List
Cabo Verde shipped $281.68 million worth of goods abroad in 2023, the latest year with verified trade data in this dataset. That total marks a decline of 9.1% from the $309.81 million recorded in 2022, easing from the highest annual figure in the five-year span this dataset covers. An aggregated reporting category labeled "Areas, nes" (not elsewhere specified) accounted for the largest share of that total, worth $110.84 million, or 39.3% of everything Cabo Verde exported.
Spain ranked second at 19.2% ($54.15 million), ahead of Portugal at 14.7% ($41.50 million) and Togo at 4.1% ($11.63 million). Netherlands took fifth place at 3.9% ($10.98 million), followed by Italy at 3.4% ($9.50 million) and France at 2.6% ($7.33 million). The United Arab Emirates took eighth place at 2.3% ($6.60 million), India added 2.0% ($5.52 million), and Belgium rounded out the top ten at 1.6% ($4.42 million). Together, the top three entries made up 73.3% of total export value.
The unusually large unspecified-destination share is not a data gap so much as a reflection of what Cabo Verde actually sells. Cabo Verde's official tourism and trade site describes the Port of Mindelo as historically the "gas station of the Atlantic," a mid-ocean refueling stop for ships since the British established coal depots there in the 1830s. Fuel sold to vessels passing through, rather than delivered to a specific importing country, is a common reason trade statistics record a large share of exports without a clear destination, and it lines up closely with the mineral fuels category that dominates the breakdown below. Spain and Portugal's leading positions among named countries reflect Cabo Verde's colonial and linguistic ties to Portugal and its geographic proximity to Spain's Canary Islands, both longstanding trade and logistics partners. Togo, the Netherlands, Italy, France, the UAE, India, and Belgium round out a top ten spread across West Africa, Europe, and beyond, none of them large enough individually to challenge the two Iberian markets or the unspecified-destination category above them.
Marine Fuel and Seafood Dominate a Small Export Base
Mineral fuels, mineral oils and related distillation products led all export categories in 2023, worth $171.72 million and accounting for 61.0% of total export value. Meat, fish or crustaceans and related preparations followed at 14.4% ($40.45 million), and railway, tramway locomotives and rolling-stock ranked third at 9.2% ($25.88 million).
Fish and crustaceans in their raw form added 4.6% ($13.10 million), while machinery and mechanical appliances contributed 1.4% ($3.83 million). Aluminium and articles thereof brought in 0.9% ($2.40 million), and footwear added 0.8% ($2.35 million). Electrical machinery and equipment contributed 0.8% ($2.33 million), tobacco products added 0.7% ($2.06 million), and optical and measuring instruments closed out the top ten at 0.6% ($1.72 million).
Fuel's dominant share reflects Cabo Verde's role refueling ships rather than any domestic oil production, since the islands have none of their own. Fish and seafood, both processed and raw, together make up a meaningful share of export value, consistent with a fishing-dependent economy where catches from surrounding Atlantic waters support export earnings alongside the fuel trade. Railway and rolling-stock equipment in third place is an unusual entry for an island nation with no rail network of its own, and likely reflects transshipment or re-export activity passing through Cabo Verde's ports rather than domestically produced goods. Everything from machinery down to optical instruments makes up a small fraction of the total, underscoring how narrow the country's export base is outside of fuel and fish.
A Pandemic Collapse, Then a Strong Recovery
Cabo Verde's exports followed an extremely volatile path over the past five years. Exports fell from $344.73 million in 2019 to just $53.09 million in 2020, a severe collapse as the global pandemic brought shipping and travel to a near standstill, before recovering to $234.91 million in 2021 and climbing further to a five-year high of $309.81 million in 2022, then easing 9.1% to $281.68 million in 2023.
The scale of the 2020 collapse, and the multi-year climb back toward pre-pandemic levels that followed, illustrates how closely Cabo Verde's export figures track global shipping and travel activity given how much of the total rests on fuel sold to passing vessels. For a closer look at how individual partner countries or product categories break down year over year, the data panels above provide the full detail behind these figures.