Information from the Statistics and Census Service (DSEC) indicated that both merchandise import and export recorded year-on-year decreases in February 2024 due to the Lunar New Year holiday. Total merchandise export went down by 6.8% year-on-year to MOP965 million. Value of re-exports (MOP879 million) fell by 5.9%, of which re-exports of Wine and Machines, apparatus & parts reduced by 70.2% and 52.0% respectively, while those of Diamond & diamond jewellery surged by 93.6%. Value of domestic exports (MOP86 million) dropped by 14.6%, of which domestic exports of Garments and Copper & articles thereof declined by 57.9% and 33.2% respectively, while those of Pharmaceutical products & organic chemicals rose by 32.4%. Meanwhile, total merchandise import dipped by 28.0% year-on-year to MOP8.84 billion; imports of Mobile phones and Beauty, cosmetic & skincare products tumbled by 63.0% and 44.5% respectively, whereas imports of Motor cars and Articles for casino showed respective growth of 52.2% and 26.8%. Merchandise trade deficit totalled MOP7.87 billion in February.
External merchandise trade totalled MOP23.38 billion from January to February 2024, down by 5.2% compared with MOP24.65 billion a year earlier. Total value of merchandise export grew by 6.8% year-on-year to MOP2.09 billion, of which value of domestic exports (MOP227 million) and re-exports (MOP1.86 billion) rose by 19.6% and 5.4% respectively. Total value of merchandise import dropped by 6.2% year-on-year to MOP21.29 billion. Merchandise trade deficit totalled MOP19.20 billion in the first two months, down by MOP1.54 billion from MOP20.73 billion a year earlier.
Analysed by destination, merchandise export to mainland China (MOP122 million) and the Belt and Road Countries (MOP87 million) increased by 2.9% and 39.7% respectively year-on-year in the first two months of 2024. On the other hand, exports to Hong Kong (MOP1.49 billion) and the USA (MOP34 million) decreased by 4.3% and 5.3% respectively. Exports of Non-textiles went up by 7.8% year-on-year to MOP1.92 billion, and exports of Textiles & garments dropped by 2.7% to MOP175 million.
By place of origin, merchandise import from the EU (MOP6.91 billion), mainland China (MOP5.96 billion) and the Belt and Road Countries (MOP4.73 billion) decreased by 12.9%, 2.2% and 7.7% respectively year-on-year in the first two months, while those from Hong Kong (MOP1.52 billion) leapt by 64.8%. Analysed by place of consignment, merchandise import from Hong Kong (MOP17.06 billion) fell by 10.9% year-on-year, whereas imports from mainland China (MOP3.16 billion) grew by 16.1%. Imports of Consumer goods went down by 6.6% to MOP16.12 billion, of which imports of Food & beverages (MOP3.45 billion) and Beauty, cosmetic & skincare products (MOP1.91 billion) shrank by 7.1% and 24.6% respectively; meanwhile, imports of Gold jewellery (MOP2.36 billion) expanded by 26.2%. Imports of Fuels & lubricants (MOP1.05 billion) and Construction materials (MOP383 million) rose by 18.7% and 1.9% respectively, whereas imports of Mobile phones (MOP629 million) slid by 53.7%.