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Macao’s trade deficit swells as exports fall sharply in 2023

Domestic exports in particular posted a major slide, decreasing by almost a quarter during the period from January to November in Macao.

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UPDATED: 30 Dec 2023, 3:33 pm

The total value of goods exported from Macao amounted to 12.25 billion patacas across the first 11 months of the year, a 3.5 percent year-on-year decrease, official figures show.

Domestic exports – which make up 12 percent of the total – dropped by 24 percent year-on-year over the period, to 1.42 billion patacas. In November alone, they decreased by 42 percent.

Macao’s merchandise trade deficit meanwhile swelled by 2.23 billion patacas year-on-year to stand at 117.45 billion patacas for the first eleven months of 2023.

[See more: Macao’s economy could grow by more than 20 percent next year]

Merchandise exports to mainland China amounted to 884 million patacas between January and November – a 28 percent decline, year-on-year. Exports to Hong Kong totalled 8.98 billion patacas, down by eight percent for the period.

Exports to Portuguese-speaking countries totalled just 664,000 patacas between January and November, a 58 percent slide.

Re-exports (the bulk of Macao’s merchandise exports) stayed steady overall. They totalled 10.83 billion patacas for the first 11 months of the year.

UPDATED: 30 Dec 2023, 3:33 pm

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