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Falling external trade

Local imports and exports both fell for the first three quarters

The city’s total external merchandise trade value reached nearly MOP60 billion (US$7.5 billion) for the first nine months of the year, a year-on-year decrease of 16.4 per cent, due to a notable decline in imports of luxury products and motor vehicles.
Of the total imports during the nine months, those of motorcars & motorcycles fell by more than half, to MOP911 million, compared to one year ago. In addition, the import value of mobiles phones plunged by 44.9 per cent year-on-year to MOP3.1 billion.
Imports of gold jewellery totalled MOP4.2 billion for the period, a year-on-year decrease of 21.4 per cent, while that of watches and handbags & wallets dropped by 32 per cent and 14.1 per cent year-on-year, amounting to MOP3.3 billion and MOP1.9 billion, respectively.
Importation of construction materials also registered a decline of 37.3 per cent year-on-year, down to MOP1.5 billion. Figures also show a year-on-year decrease of 12.7 per cent in the import of fuels & lubricants, totalling MOP4.7 billion.
On the other hand, the city saw its exports of tobacco & wine jump by 45.8 per cent year-on-year to MOP621 million for the nine months, while that of electronic components also grew by 22.4 per cent year-on-year to MOP825.2 million.
However, local exports of clocks & watches fell by 30.1 per cent year-on-year to around MOP740 million. In addition, total exports of textiles & garments recorded a year-on-year decrease of 12.6 per cent, down to MOP545.2 million for the nine months.

Origin and destination
In terms of origin, Mainland China was the biggest source of local imports, accounting for 36.2 per cent of the total, followed by Hong Kong, France and Italy, at 8.7 per cent, 7.9 per cent and 7.8 per cent of the total, respectively.
Nevertheless, the DSEC noted that the city’s merchandise imports from Mainland China fell by 19.4 per cent year-on-year to MOP18.9 billion for the nine months, while those from the European Union also went down by 10.8 per cent year-on-year to MOP12.8 billion.
Meanwhile, more than half, or 55.6 per cent, of the city’s exports went to Hong Kong in the first nine months of the year. Mainland China was the second biggest destination for local exports, receiving 17.3 per cent of the total.
According to DSEC, local merchandise exports to Mainland China, however, decreased by 1.3 per cent year-on-year to MOP1.34 billion in the first three quarters of 2016. In particular, those to the nine provinces in the Pan Pearl River Delta Region declined by 3.9 per cent year-on-year to MOP1.26 billion.
In September alone, the city’s merchandise exports dropped by 3.5 per cent year-on-year, to MOP821 million. In addition, total imports also fell by 8.5 per cent year-on-year to MOP6.32 billion.