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Macao's trade deficit exceeds $1b in first 5 months

(Xinhua)
Updated: 2009-07-01 14:17

Macao's trade deficit for the first five months of 2009 narrowed by one percent year-on-year to 10.71 billion patacas ($1.36 billion) with the exports and imports ratio down 15.9 percentage points to 23.4 percent, according to the figures released on Tuesday by Macao's Statistics and Census Service(DSEC).

The figures indicated that total exports of goods fell by 53.3 percent year-on-year to 3.28 billion patacas ($415 million)in the period, of which the value of domestic exports and re-exports declined by 67.5 percent and 29.9 percent respectively. Meanwhile, total imports of goods slid by 21.6 percent to 13.99 billion patacas ($1.8 billion).

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Analyzed by destination of Macao's exports in the period, the value of merchandise exports to the US, the EU and the Chinese mainland decreased by 76.2 percent, 58.4 percent and 42.7 percent respectively year-on-year in the period, the DSEC said.

The value of textile and garment exports declined by 69.3 percent year-on-year to account for 38.9 percent of the total exports of goods in the first five months, while that of non-textile exports dropped by 30.1 percent.

Regarding the country of origin of imported goods, the value of imports from the Chinese mainland dropped by 43 percent year-on-year, but that from the EU rose by 5.6 percent, the DSEC said.

The value of imports of all broad economic categories registered year-on-year decreases, of which raw materials and semi-manufactures dropped by 45.2 percent and fuels and lubricants fell by 26 percent, while that of imports of consumer goods recorded a slower decrease of 7.2 percent, according to the DSEC.