Trade Profile

flag Macao SAR, China Macao SAR, China: Trade Profile

Foreign Trade in Figures

Macau is very open to foreign trade, which equalled 164% of its GDP in 2021 (World Bank, 2023). In addition to being a port zone without customs duties due to its free port status, Macau also boasts an advantageous tax system. Total Imports of Goods and Services represented over 33% of GDP in 2020, while Exports of Goods and Services represented over 71% of GDP (WTO and World Bank, 2022).

Macau exports jewellery (13.8% of all export), broadcasting equipment (9.7%), precious metal watches (9.2%), women's suits (3.5%), and base metal watches (2.8%). The most common destination for the exports of Macau are Hong Kong (64.1% of all exports), China (11.6%), United States ($6.8%) and Israel (1.96%).

Macau’s largest import partner is China (33% of all imports). Other export partners include Hong-Kong (24%), France (5%) and Italy (4.5%). Macau imports jewellery, electricity, precious metal watches, liquor, and broadcasting equipments. 

Macau has a structurally negative trade balance, a trend that is expected to continue in the coming years. Macau’s trade deficit widened to 10.69 billion USD) in 2021 from 7.6 billion USD a year earlier. Imports jumped 33.6 percent year-on-year to MOP 14.1 billion (1.74 billion USD) in January 2022, mainly boosted by purchases of beauty, cosmetic or skincare products (125.4%); gold jewellery (80.9%); watches (38.8%); and handbags and wallets (26.5%). Meanwhile, imports declined for construction materials (-10.1%). At the same time, exports rose by only 0.3 percent to MOP 1.4 billion (173.7 million USD), driven by an 18.1% rise in domestic exports, while a 2.1%decline in re-exports limited the further gains. Sales increased mainly for textiles and garments (25.5%) whereas declined for non-textiles items (-1.9%), in particular machines, apparatus and parts with a decline of 49.7% (Statistics and Census Service, Government of Macao SAR, 2022).

Macau’s trade deficit reached MOP 11.4 billion (USD 1.41 billion) in February of 2023 from MOP 9.4 billion (USD 1.11 billion) in the corresponding month of the previous year (Statistics and Census Service, Government of Macao SAR, 2023)

In recent years, the relocation of industrial activities to mainland China, where the cost of labour and land is lower, has hindered Macau’s exports. Macau has signed agreements of avoiding double taxation with mainland China, Portugal, Mozambique, and Cape Verde, and tax information exchange agreements with many other countries. Through its political status, Macau's economy is linked to the economy and trade of mainland China. Many trade policies, including free-trade agreements, therefore give it preferred access to the Chinese market. There is little government control over export and import licences. Trade has been on the rise thanks to the process of economic diversification and the partial liberalisation of the tertiary sector. Low taxes and customs clearance on electronic goods have accelerated trading procedures. Despite these advantages, the lack of transparency in many sectors remains a major obstacle to the development of trade.

 
Foreign Trade Indicators 20182019202020212022
Imports of Goods (million USD) 11,16211,16711,58819,21917,338
Exports of Goods (million USD) 1,5101,5861,3531,6201,677
Imports of Services (million USD) 5,4965,1673,2524,0434,203
Exports of Services (million USD) 43,65743,70111,42718,48712,306
Imports of Goods and Services (Annual % Change) 5-4-1549-8
Exports of Goods and Services (Annual % Change) 10-2-6571-28
Trade Balance (million USD) -10,834-10,571-7,661-10,848-10,453
Foreign Trade (in % of GDP) 116114121164183
Imports of Goods and Services (in % of GDP) 3332607697
Exports of Goods and Services (in % of GDP) 8383628887

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Partner Countries

Main Customers
(% of Exports)
2022
Hong Kong SAR, China 84.4%
China 9.3%
United States 3.8%
Vietnam 0.7%
Singapore 0.5%
See More Countries 1.2%
Main Suppliers
(% of Imports)
2022
China 30.6%
France 18.6%
Italy 10.9%
Switzerland 7.1%
United States 6.8%
See More Countries 26.0%

Source: Comtrade, Latest Available Data

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Main Products

1.4 bn USD of products exported in 2022
Articles of jewellery and parts thereof, of...Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal (excl. articles > 100 years old) 19.9%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 15.2%
Wrist-watches, pocket-watches and other watches,...Wrist-watches, pocket-watches and other watches, incl. stop-watches, with case of precious metal or of metal clad with precious metal (excl. with backs made of steel) 10.6%
Trunks, suitcases, vanity cases, executive-cases,...Trunks, suitcases, vanity cases, executive-cases, briefcases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper 6.3%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, slips, petticoats and panties, tracksuits, ski suits and swimwear) 5.4%
See More Products 42.6%
17.4 bn USD of products imported in 2022
Beauty or make-up preparations and preparations...Beauty or make-up preparations and preparations for the care of the skin, incl. sunscreen or suntan preparations (excl. medicaments); manicure or pedicure preparations 13.8%
Articles of jewellery and parts thereof, of...Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal (excl. articles > 100 years old) 9.3%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 8.5%
Trunks, suitcases, vanity cases, executive-cases,...Trunks, suitcases, vanity cases, executive-cases, briefcases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper 7.6%
Wrist-watches, pocket-watches and other watches,...Wrist-watches, pocket-watches and other watches, incl. stop-watches, with case of precious metal or of metal clad with precious metal (excl. with backs made of steel) 4.4%
See More Products 56.5%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of Asia-Pacific Economic Cooperation
Assessment of Commercial Policy
Country’s commercial policy
Average Customs Duty (Excluding Agricultural Products)
5%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Asia-Pacific Economic Cooperation
Party of the ATA Convention on Temporary Admissions and Use of the Carnets
Yes

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.
Useful Resources
Department of Customs
 
 
 

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Latest Update: November 2023