The Monetary Authority of Macao (AMCM) releases today the preliminary balance of payments (BOP) statistics of Macao SAR for the reference year 2015. The BOP, which comprises the current account, the capital account and the financial account, is a statistical statement that summarises external transactions of an economy with the rest of the world. In 2015, the overall BOP surplus of Macao SAR was preliminarily estimated at MOP18.6 billion. Of which, the current account surplus stood at MOP103.2 billion and financial non-reserve assets amounted to MOP15.2 billion. Exports of goods increased by 9.6% year-on-year while imports of goods (f.o.b.) decreased mildly by 1.3%. As a result, the merchandise trade deficit reduced from MOP93.7 billion in 2014 to MOP91.0 billion in 2015. On the other hand, service exports decreased by 24.9%, mainly attributable to falling gaming receipts while service imports also fell marginally by 0.9%. Therefore, the services account surplus dropped markedly from MOP330.4 billion in 2014 to MOP240.7 billion in 2015. The primary income account, which reflects cross-border flows of factor income, recorded a net outflow of MOP29.8 billion in 2015, down from the net outflow of MOP63.1 billion in 2014. The significant decrease stemmed mainly from the reduction in income earned by foreign direct investors in Macao. The secondary income account, which comprises mainly inflows and outflows of personal transfers as well as donations received/made by local social service organisations with respect to the rest of the world, recorded a net outflow of MOP16.8 billion, marking a decrease of MOP4.4 billion from 2014. As the large invisible trade surplus offset the deficit in merchandise trade as well as net outflows of primary and secondary income, the current account surplus reached MOP103.2 billion, down by MOP49.2 billion from MOP152.4 billion in 2014. Net financial non-reserve assets registered a net outflow of MOP15.2 billion in 2015, compared to a net outflow of MOP101.0 billion in 2014. Of which, a net inflow of direct investment amounting to MOP3.5 billion was recorded, lower than the net inflow of MOP7.6 billion in 2014. Due to the significant increase in external securities investment held by Macao residents (including individuals, Macao SAR Fiscal Reserve and financial institutions), portfolio investment saw a notably higher net outflow in 2015 at MOP97.4 billion, up from MOP45.2 billion in 2014. Meanwhile, during the reference year, local banks’ external liabilities registered considerable increases, which in turn caused other investment to record a net inflow of MOP76.1 billion in 2015, contrary to a net outflow of MOP65.9 billion in 2014. On the other hand, financial derivatives continued to register a net inflow in 2015, amounting to MOP2.7 billion, as against a net inflow of MOP2.6 billion in 2014. Reserve assets in the financial account record the net change in Macao’s foreign exchange reserves held by the AMCM. Reserve assets, after price, exchange rate and other adjustments, rose by MOP18.6 billion as compared to an increase of MOP0.6 billion in 2014, reflecting that the overall BOP continued to stay in surplus. Macao’s BOP statistics are compiled in accordance with the International Monetary Fund’s Balance of Payments and International Investment Position Manual (Sixth Edition). The current release incorporates preliminary estimates of key statistics, and a detailed report with revised data will be published in December 2016.
