The Monetary Authority of Macao (AMCM) releases today the preliminary balance of payments (BOP) of Macao SAR for the reference year 2010. The BOP is a statistical statement that summarises external transactions of an economy with the rest of the world. In 2010, Macao's overall BOP recorded a surplus of MOP41.3 billion. Among the major components, the current account registered a surplus of MOP97.9 billion. The capital account had a net inflow of MOP0.2 billion and financial non-reserve assets showed a net increase of MOP9.9 billion. The visible trade deficit rebounded to MOP42.1 billion. Strong exports of travel services boosted the invisible trade surplus to MOP169.1 billion, offsetting both the deficit in merchandise trade and the net outflow of factor income. The current account surplus therefore reached MOP97.9 billion, up considerably by MOP43.8 billion from the revised surplus of MOP54.1 billion in 2009. Merchandise imports, valued at f.o.b., rose by 14.7% upon rapid economic recovery. Meanwhile, with the persistent decline in textiles and garment exports, merchandise exports continued to drop, but at a slower rate of 4.6%. The increase in imports and decrease in exports brought the merchandise trade deficit up from MOP35.3 billion in 2009 to MOP42.1 billion in 2010. On the other hand, surplus in the services account widened from MOP110.9 billion to MOP169.1 billion. The income account, which reflects cross-border flows of factor income, recorded a net outflow of MOP23.3 billion in 2010, up markedly from the net outflow of MOP14.9 billion in 2009. This stemmed mainly from the increase in income earned by foreign direct investors in Macao. Current transfers, which include mainly inflow and outflow of workers' remittances as well as donations received/made by local social service organisations with respect to the rest of the world, recorded a net outflow of MOP5.8 billion, representing a decrease of MOP0.9 billion from the previous year. Net inflow in the capital account decreased sharply from MOP5.1 billion in 2009 to MOP0.2 billion in 2010, mainly due to the significant drop in the number of cases to be processed after the Investment Residency Scheme was suspended in April 2007. Net financial non-reserve assets registered a net outflow of MOP9.9 billion, against a net outflow of MOP20.8 billion in 2009. Of which, net inflow of direct investment surged from MOP20.0 billion in 2009 to MOP32.2 billion in 2010 while the net outflow of other investment also increased from MOP27.3 billion in 2009 to MOP35.3 billion in 2010. Concurrently, portfolio investment recorded a net outflow of MOP6.7 billion, down from MOP13.4 billion in 2009. Net outflow of financial derivatives amounted to MOP64.7 million, down from MOP121.7 million in 2009. The account of reserve assets in BOP records the net change in foreign currency assets (excluding the SAR Reserve Fund) held by the Monetary Authority of Macao. In 2010, reserve assets, after price, exchange rate and other adjustments, went up by MOP41.3 billion, as compared to an increase of MOP16.9 billion in 2009. Macao's BOP statistics are compiled in accordance with the International Monetary Fund's Balance of Payments Manual, Fifth Edition and Coordinated Direct Investment Survey Guide, as well as its relevant technical advice to the SAR. The current release incorporates preliminary estimates of key statistics, and a detailed report with revised data will be published in December 2011. For enquiry, please contact:
Research and Statistics Department
Monetary Authority of Macao (Tel：83952532Fax：28353042 Email: gee@amcm.gov.mo) (Recent research reports and publications of the AMCM are available on: http://www.amcm.gov.mo/publicaton/Publication.htm)
