Information from the Statistics and Census Service (DSEC) indicated that external merchandise trade totalled MOP70.70 billion in the first half of 2024, down by 9.0% compared to the same period last year (MOP77.69 billion). Total value of merchandise exports grew by 4.0% year-on-year to MOP6.62 billion, of which value of re-exports (MOP5.89 billion) increased by 4.5% while value of domestic exports (MOP728 million) decreased by 0.2%. Total value of merchandise imports dropped by 10.2% year-on-year to MOP64.08 billion. Merchandise trade deficit totalled MOP57.47 billion in the first half of 2024, down by MOP7.50 billion from MOP64.97 billion in the same period last year.
Analysed by destination, merchandise exports to the Belt and Road Countries (MOP469 million), mainland China (MOP407 million) and the EU (MOP116 million) expanded by 101.8%, 2.7% and 67.1% respectively year-on-year in the first half of 2024, whereas exports to Hong Kong (MOP4.54 billion) and the USA (MOP146 million) dropped by 6.2% and 29.9% respectively. Meanwhile, exports of Textiles & garments grew by 6.9% year-on-year to MOP713 million, and exports of Non-textiles went up by 3.6% to MOP5.90 billion.
By place of origin, merchandise imports from the EU (MOP19.35 billion), mainland China (MOP18.39 billion) and the Belt and Road Countries (MOP14.72 billion) decreased by 18.6%, 2.4% and 9.2% respectively year-on-year in the first half of 2024, while those from Hong Kong (MOP3.51 billion) increased by 9.5%. Analysed by place of consignment, merchandise imports from Hong Kong (MOP50.53 billion) fell by 13.9% year-on-year, whereas imports from mainland China (MOP10.13 billion) grew by 5.6%. Imports of Consumer goods went down by 15.3% to MOP46.54 billion, of which imports of Food & beverages (MOP10.42 billion), Gold jewellery (MOP5.81 billion) and Beauty, cosmetic & skincare products (MOP5.11 billion) shrank by 17.8%, 15.4% and 27.5% respectively. Imports of Fuels & lubricants (MOP3.80 billion) rose by 16.8%, whereas imports of Mobile phones (MOP1.68 billion) and Construction materials (MOP1.12 billion) dropped by 37.0% and 26.7% respectively.
Analysed by month, total merchandise exports amounted to MOP1.07 billion in June 2024, down by 9.4% year-on-year. Value of re-exports fell by 11.7% to MOP927 million, of which re-exports of Articles for casino and Machines, apparatus & parts slid by 91.7% and 22.8% respectively, while those of Beauty, cosmetic & skincare products and Garments went up by 35.1% and 31.2% respectively. Value of domestic exports grew by 8.5% to MOP147 million, of which domestic exports of Bread, pastry, cakes, biscuits & other bakers' wares and Pharmaceutical products & organic chemicals rose by 82.0% and 27.0% respectively, while those of Garments reduced by 3.8%. Meanwhile, total merchandise imports dipped by 14.5% year-on-year to MOP10.16 billion; imports of Beauty, cosmetic & skincare products, Perfumes and Gold jewellery declined by 46.3%, 45.7% and 42.6% respectively, whereas imports of Articles for casino and Motor cars showed respective growth of 108.0% and 41.4%. Merchandise trade deficit totalled MOP9.08 billion in June.
In the second quarter of 2024, total value of merchandise exports (MOP3.32 billion) rose by 3.5% year-on-year while that of merchandise imports (MOP31.74 billion) dropped by 11.5%, resulting in a trade deficit of MOP28.42 billion.