Information from the Statistics and Census Service (DSEC) indicated that external merchandise trade totalled MOP35.89 billion in the first quarter of 2024, down by 7.0% compared to the same period last year (MOP38.60 billion). Total value of merchandise export grew by 4.5% year-on-year to MOP3.29 billion, of which value of domestic exports (MOP334 million) and re-exports (MOP2.96 billion) rose by 7.8% and 4.2% respectively. Total value of merchandise import dropped by 8.1% year-on-year to MOP32.60 billion. Merchandise trade deficit totalled MOP29.30 billion in the first quarter, a decrease of MOP3.00 billion from the same quarter last year (MOP32.31 billion).
Analysed by destination, merchandise export to the Belt and Road Countries (MOP166 million) and the EU (MOP63 million) increased by 39.6% and 133.4% respectively year-on-year in the first quarter. On the other hand, exports to mainland China (MOP184 million), Hong Kong (MOP2.36 billion) and the USA (MOP47 million) dropped by 0.2%, 5.0% and 34.0% respectively. Exports of Textiles & garments went up by 8.7% year-on-year to MOP343 million, and exports of Non-textiles grew by 4.1% to MOP2.95 billion.
By place of origin, merchandise import from the EU (MOP10.18 billion), mainland China (MOP9.09 billion) and the Belt and Road Countries (MOP7.24 billion) decreased by 17.3%, 3.5% and 12.2% respectively year-on-year in the first quarter, while those from Hong Kong (MOP2.24 billion) grew by 44.6%. Analysed by place of consignment, merchandise import from Hong Kong (MOP26.13 billion) fell by 11.7% year-on-year, whereas imports from mainland China (MOP4.87 billion) grew by 10.5%. Imports of Consumer goods went down by 10.7% to MOP24.32 billion, of which imports of Food & beverages (MOP5.12 billion) and Beauty, cosmetic & skincare products (MOP2.91 billion) shrank by 14.6% and 17.6% respectively; meanwhile, imports of Gold jewellery (MOP3.43 billion) expanded by 2.7%. Imports of Fuels & lubricants (MOP1.67 billion) rose by 13.8%, whereas imports of Mobile phones (MOP910 million) and Construction materials (MOP588 million) slid by 45.6% and 10.9% respectively.
Analysed by month, total merchandise export amounted to MOP1.20 billion in March 2024, up by 0.9% year-on-year. Value of re-exports rose by 2.2% to MOP1.10 billion, of which re-exports of Travel goods & handbags and Footwear grew by 58.3% and 57.0% respectively, while those of Articles for casino and Wine tumbled by 93.4% and 53.6%. Value of domestic exports dropped by 11.0% to MOP107 million, of which domestic exports of Garments and Copper & articles thereof declined by 61.0% and 7.1% respectively, while those of Pharmaceutical products & organic chemicals and Bread, pastry, cakes, biscuits & other bakers' wares rose by 43.3% and 43.2%. Meanwhile, total merchandise import dipped by 11.1% year-on-year to MOP11.34 billion; imports of Construction materials, Handbags & wallets and Food & beverages reduced by 28.5%, 28.2% and 27.2% respectively, whereas imports of Articles for casino and Platinum jewellery showed respective growth of 165.5% and 28.8%. Merchandise trade deficit totalled MOP10.14 billion in March.