Information from the Statistics and Census Service (DSEC) indicated that external merchandise trade totalled MOP105.20 billion in the first three quarters of 2024, down by 8.4% compared to the same period last year (MOP114.88 billion). Total value of merchandise exports grew by 5.0% year-on-year to MOP9.99 billion, of which value of re-exports (MOP8.87 billion) increased by 6.2% while value of domestic exports (MOP1.12 billion) decreased by 3.9%. Total value of merchandise imports dropped by 9.6% year-on-year to MOP95.22 billion. Merchandise trade deficit totalled MOP85.23 billion in the first three quarters of 2024, down by MOP10.62 billion from MOP95.85 billion in the same period last year.
Analysed by destination, merchandise exports to Hong Kong (MOP7.00 billion), the Belt and Road Countries (MOP570 million) and the EU (MOP166 million) expanded by 0.3%, 57.9% and 39.9% respectively year-on-year in the first three quarters of this year, whereas exports to mainland China (MOP594 million) and the USA (MOP230 million) dropped by 13.5% and 36.1% respectively. Analysed by commodity, exports of Textiles & garments grew by 13.5% year-on-year to MOP1.17 billion, and exports of Non-textiles went up by 4.0% to MOP8.82 billion.
By place of origin, merchandise imports from mainland China (MOP28.41 billion), the EU (MOP28.07 billion) and the Belt and Road Countries (MOP21.67 billion) decreased by 2.9%, 17.0% and 7.5% respectively year-on-year in the first three quarters of 2024, while those from Japan (MOP6.73 billion) increased by 4.9%. Analysed by place of consignment, merchandise imports from Hong Kong (MOP74.29 billion) fell by 13.1% year-on-year, whereas imports from mainland China (MOP15.84 billion) grew by 4.3%. In terms of commodity, imports of Consumer goods went down by 15.3% to MOP67.91 billion, of which imports of Food & beverages (MOP16.08 billion), Garments & footwear (MOP9.31 billion) and Gold jewellery (MOP7.69 billion) shrank by 11.5%, 4.4% and 27.2% respectively. Imports of Fuels & lubricants (MOP6.05 billion) rose by 13.9%, whereas imports of Mobile phones (MOP2.59 billion) and Construction materials (MOP1.59 billion) declined by 28.9% and 29.3% respectively.
Analysed by month, total merchandise exports amounted to MOP1.00 billion in September 2024, down by 14.1% year-on-year. Value of re-exports fell by 14.9% to MOP863 million, of which re-exports of Jewellery and Articles for casino slid by 51.1% and 45.9% respectively, while those of Travel goods & handbags and Wines went up by 41.8% and 19.9% respectively. Value of domestic exports dropped by 8.9% to MOP137 million, of which domestic exports of Garments and Bread, pastry, cakes, biscuits & other bakers' wares declined by 55.9% and 37.3% respectively, while those of Pharmaceutical products & organic chemicals and Copper & articles thereof grew by 23.7% and 7.0% respectively. Meanwhile, total merchandise imports dipped by 10.5% year-on-year to MOP10.51 billion; imports of Gold jewellery, Beauty, cosmetic & skincare products and Watches reduced by 42.0%, 38.1% and 22.3% respectively, whereas imports of Articles for casino and Motor cars showed respective growth of 80.6% and 19.5%. Merchandise trade deficit totalled MOP9.51 billion in September.
In the third quarter of 2024, total value of merchandise exports (MOP3.38 billion) rose by 7.4% year-on-year while that of merchandise imports (MOP31.44 billion) dropped by 7.6%, resulting in a trade deficit of MOP28.06 billion.