Merchandise trade drops nearly 20 pct in H1

Macau’s total merchandise trade value plunged by 19.4 per cent year-on-year for the first half of the year, as total imports and exports both dropped, according to the latest data released by the Statistic and Census Service (DSEC). During the first six months of the year, the city’s trade value totalled MOP38.7 billion (US$4.84 billion), a fall of 19.4 per cent compared with MOP48 billion seen a year earlier. Of the total, imports accounted for some MOP33.6 billion, while exports amounted to some MOP5.1 billion, representing a year-on-year decline of 21.1 per cent and 6.5 per cent, respectively. The merchandise trade deficit for the period widened by a further 23.2 per cent year-on-year, to MOP28.5 billion. Luxury imports fall The city saw all of its principal merchandise imports register year-on-year declines for the six-month period, while more significant falls were apparent in luxury goods. In the first half of 2016, local imports of motor cars and motorcycles plunged by 56.7 per cent year-on-year to MOP593.4 million, while that of mobile phones and watches also declined by 47.6 per cent and 41.6 per cent year-on-year, to MOP2.3 billion and MOP1.96 billion, respectively. In addition, imports of gold jewellery fell by 23.8 per cent year-on-year to MOP2.56 billion; handbags and wallets dropped by 20.4 per cent year-on-year to MOP1.21 billion; and beauty, cosmetic and skin-care products also decreased by 10.2 per cent year-on-year to MOP1.35 billion. During the period, 36.8 per cent of the city’s imports were from the Mainland, followed by Hong Kong, France and Italy, which accounted for 8.9 per cent, 7.8 per cent and 7.7 per cent of the total, respectively. In terms of value, imports from the Mainland dropped by 21.6 per cent year-on-year to MOP12.4 billion, while those from the European Union also decreased by 17.8 per cent year-on-year to nearly MOP8 billion. Decreasing exports On the other hand, exports of non-textile goods during the first half fell by 6.5 per cent year-on-year on average to MOP4.8 billion. In particular, exports of clocks and watches plunged by 32.5 per cent year-on-year to MOP534.2 million; and those of machines, apparatus and parts were also down by 21.7 per cent year-on-year to MOP482.2 million. Nevertheless, exports of electronic components during the first half surged by 46.2 per cent year-on-year to MOP576.5 million, while that of tobacco and wine also soared by 45.3 per cent year-on-year to MOP412.2 million. The export of textiles and garments, meanwhile, fell by 6.4 per cent year-on-year to MOP354 million during the first six months. In terms of destinations, more than half of the city’s exports went to Hong Kong in the period, accounting for 58.7 per cent of the total. The value of exports to Hong Kong amounted to MOP3 billion, a decrease of 11.1 per cent compared to the same period last year. However, the export value for products destined for Mainland China increased by 4.1 per cent year-on-year to MOP890 million, accounting for 17.4 per cent of the city’s total. Other major export destinations included Japan, the European Union, the United States and the Philippines, which together received nearly 7 per cent of the SAR’s local exports.