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Luxury imports thunder back

Gold jewellery, handbags, wallets and watches all up

Merchandise imports and exports of the MSAR in the month of July saw a 34 per cent and 8.7 per cent increase year-on-year, reaching MOP1.11 billion and MOP6.15 billion, according to the most recent statistics from the Statistics and Census Service (DSEC).
Imports from Taiwan during the month saw a 55.8 per cent increase year-on-year, while those from the European Union fell 28.1 per cent during the same period (see Chart).
Of the total imports, those valued highest during the month were fuels and lubricants, reaching MOP622.6 million, although seeing only a 0.2 per cent uptick. Mainland China continued to be the main origin of imports during the first seven months of the year, making up 32.8 per cent of the value of goods imported.

Luxury rules
The luxury sector saw a rebound during the month, seeing a 63.1 per cent increase in the value of imported handbags and wallets, reaching MOP323.8 million, while that of gold jewellery saw a 49.6 per cent uptick year-on-year in July, reaching MOP526.4 million. The value of imported watches posted a 40.4 per cent increase when compared to the same month last year, reaching MOP422.1 million.
In the first seven months of the year the food and beverage sector imported the most amongst the segments, at MOP6.67 billion, a 2.7 per cent year-on-year increase. During the seven-month period the value of imports of gold jewellery, watches, handbags and wallets all increased more than 30 per cent year-on-year.
The export of diamonds and diamond jewellery saw a 22.3 per cent uptick year-on-year in July and a 34.8 per cent increase year-on-year for the first seven months of the year, reaching MOP34.3 million and MOP478.8 million, respectively.
The primary receiver of exports from the MSAR was Hong Kong, at MOP589.5 million in July, a 38.3 per cent increase, while exports to France also increased significantly – by 44 per cent year-on-year – to MOP5.7 million, according to the data.