FX.co ★ Macau Trade Deficit Narrows in August

Macau experienced a reduction in its trade deficit to MOP 8.6 billion in August, representing the smallest gap since February, compared to MOP 9.2 billion a year earlier. Export figures decreased by 2.3% year-on-year, totaling MOP 1.3 billion, primarily due to a significant 42% drop in textiles and garments. Conversely, exports of non-textile goods saw a 3.5% increase, particularly in machinery, apparatus, and parts, which skyrocketed by 254.9%. The most significant outbound shipment growth was to mainland China (+500.3%), followed by the Philippines (+350.3%) and the European Union (+43.5%), whereas exports declined sharply to the US (-51.7%) and Hong Kong (-30.7%). On the import side, there was a 6.1% reduction to MOP 9.8 billion, with significant decreases observed in watches (-25.5%). However, gold jewelry imports rose by 14%. Imports from Hong Kong increased by 7.9%, while declines were noted from Switzerland (-18.8%), the US (-15.8%), and Japan (-12.2%). Over the first eight months of the year, Macau's trade deficit reduced to MOP 71.2 billion, down from MOP 75.5 billion the previous year, as exports improved by 1.0% and imports decreased by 4.9%.