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

Foreign Trade in Figures

Macau is very open to foreign trade, which equalled 121% of its GDP in 2020 (World Bank, 2022). 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 84% of GDP (WTO and World Bank, 2021).

Macau exports jewellery (12.9% of all export), broadcasting equipment (11.1%), precious metal watches (7.8%), telephones (6.3%), and trunks and cases (5%). The most common destination for the exports of Macau are Hong Kong (61.2% of all exports), China (10.1%), United States ($6.9%) and Australia (4%).

Macau’s largest import partner is China (35.4% of all imports). Other export partners include Hong-Kong (25.1%), Italy (4.4%) and France (3.9%). Macau imports electricity, cars, jewellery, trunks and cases 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 MOP 12.6 billion (1.56 billion USD) in January of 2022 from MOP 9.1 billion (1.12 billion USD) a year earlier. Imports jumped 33.6 percent year-on-year to MOP 14.1 billion (1.74 billion USD) 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).

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 20162017201820192020
Imports of Goods (million USD) 8,9249,45111,16211,16711,586
Exports of Goods (million USD) 1,2571,4061,5101,5861,353
Imports of Services (million USD) 4,0774,4175,3024,9033,036
Exports of Services (million USD) 32,41938,84043,65143,49610,607
Imports of Goods and Services (Annual % Change) -1185-5-11
Exports of Goods and Services (Annual % Change) -21710-3-67
Trade Balance (million USD) -10,297-10,665-10,834-10,403n/a
Foreign Trade (in % of GDP) 112115116114127
Imports of Goods and Services (in % of GDP) 3534333164
Exports of Goods and Services (in % of GDP) 7780828262

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

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Main Partner Countries

Main Customers
(% of Exports)
2020
Hong Kong SAR, China 78.8%
China 12.1%
United States 4.9%
Vietnam 1.0%
Singapore 0.5%
See More Countries 2.8%
Main Suppliers
(% of Imports)
2020
China 29.9%
France 16.5%
Japan 10.2%
Italy 9.1%
United States 9.0%
See More Countries 25.2%

Source: Comtrade, Latest Available Data

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Main Products

1.0 bn USD of products exported in 2020
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 18.3%
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) 17.9%
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) 10.5%
Trunks, suit-cases, vanity-cases, executive-cases,...Trunks, suit-cases, vanity-cases, executive-cases, brief-cases, 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 6.8%
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, track suits, ski suits and swimwear) 5.2%
See More Products 41.3%
12.0 bn USD of products imported in 2020
Beauty or make-up preparations and preparations...Beauty or make-up preparations and preparations for the care of the skin, incl. sunscreen or sun tan preparations (excl. medicaments); manicure or pedicure preparations 19.7%
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) 6.1%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 5.3%
Trunks, suit-cases, vanity-cases, executive-cases,...Trunks, suit-cases, vanity-cases, executive-cases, brief-cases, 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 5.2%
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) 3.8%
See More Products 59.9%

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 World Trade Organisation
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 World Trade Organisation
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: May 2022