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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)
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Information from the Statistics and Census Service indicated that the Composite CPI (110.85) for July 2011 increased by 5.96% year-on-year. The increment was attributable to higher charges for meals bought away from home, as well as rising prices of gasoline and garments. For the 12 months ended July 2011, the average Composite CPI increased by 4.59% from the previous period; the CPI-A and CPI-B rose by 4.24% and 4.75% respectively. In comparison with July 2010, notable increase was observed in the price index of Miscellaneous Goods & Services (+9.77%); Transport (+9.71%); Food & Non-Alcoholic Beverages (+8.33%); and Clothing & Footwear (+7.35%) on account of dearer prices of fresh fish, fresh meat, gold jewellery, gasoline and LP gas, as well as rising charges for meals bought away from home, and hairdressing and grooming services. On the contrary, price index of Communication decreased by 8.35% year-on-year. The CPI-A (110.02) and CPI-B (111.17) for July 2011 increased by 5.72% and 6.11% respectively. The Composite CPI for July 2011 increased by 0.51% month-to-month, of which the price index of Food & Non-Alcoholic Beverages rose by 1.01% upon rising prices of vegetables, fresh meat and fresh fish. In addition, price index of Recreation & Culture; and Transport rose by 0.94% and 0.85% month-to-month, with higher charges for outbound package tours, and dearer prices of airfare and ferry tickets; however, price index of Clothing & Footwear decreased by 1.55%. The CPI-A and CPI-B for July 2011 increased by 0.61% and 0.44% respectively month-to-month. The average Composite CPI for the first seven months of 2011 increased by 5.25% year-on-year; the CPI-A and CPI-B rose by 4.92% and 5.43% respectively. The Composite CPI, with base year April 2008-March 2009, reflects the impact of price changes on the general population. The CPI-A relates to about 50% of the households, which have an average monthly expenditure of MOP6,000 to MOP18,999. The CPI-B relates to about 30% of the households, which have an average monthly expenditure of MOP19,000 to MOP34,999.
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Consumer Council recently spot checked bakeries to compare the price and weight of white bread. For the same kind of product, weight differences ranged from 7% to 40%. Bakeries are suggested to indicate clearly the weight of bread on the package. A spot-check on the price and weight of white bread has been completed earlier by taking samples of packs of 5-piece white bread from 20 bakeries. Price difference was determined according to weighing standard used in mainland China and differences of about 7% to 40% were observed in all 20 samples. Consumer Council indicates that for pre-packed food items such as white bread, bakeries should include product weight on the package as it is a crucial factor in consumers' decision to make purchase; quality of bread will also be ensured as bakeries standardize bread weight when product weight is printed on the packages. Bakeries are also reminded to include any ingredients, expiry date, information of supplier, and batch code, etc. on the package. For price comparison, prices for each 100g of white bread varied from MOP1.66 to MOP3.27, price variation of white bread will be followed up by the Council later this year. Details of the report on price and weight of white bread is now available in the current issue no. 216 of Consumer Report. The Council has received a total of 3,438 cases in the first half year of 2011, around 25% of which are complaint cases and others are suggestion cases. Cases filed by tourists amount to 12% of total cases. Complaint statistics can also be found in the latest issue of Consumer Report. Consumer Report is now available free of charge at the two offices of Consumer Council, Public Information Centre at Vicky Plaza and libraries. Consumers may also access the resources online at the Council's official website (http://www.consumer.gov.mo). For enquiries, please call 8988 9315.
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Information from the Statistics and Census Service indicated that total spending (excluding gaming expenses) of visitors reached MOP 10.1 billion in the second quarter of 2011, up by 15% in comparison with MOP 8.8 billion a year earlier; per-capita spending of visitors amounted to MOP 1,482, an increase of 3% compared with MOP 1,436 in the second quarter of 2010. Analyzed by place of residence, per-capita spending of Mainland visitors was MOP 1,868, which was followed by that of visitors from Japan at MOP 1,303; Southeast Asia at MOP 1,249; Hong Kong at MOP 906; and Taiwan, China at MOP 888. Per-capita spending of tourists (overnight visitors) increased by 5% year-on-year to MOP 2,502, and that of same-day visitors went up by 9% to MOP 609. Per-capita spending of overnight and same-day Mainland visitors amounted to MOP 3,150 and MOP 796 respectively. In the second quarter of 2011, per-capita non-shopping spending of visitors stood at MOP 784, up by 7% compared with MOP 731 a year earlier, of which expenses on Accommodation and Food & Beverage accounted for 47% and 36% respectively. Visitors from Japan had a per-capita non-shopping spending of MOP 1,180, and that of overnight Taiwan visitors reached MOP 1,938. Per-capita shopping spending of visitors decreased slightly by 1% from MOP 705 in the second quarter of 2010 to MOP 698, with Local Food Products (26%), Clothing (19%) and Jewellery & Watches (17%) being the more popular shopping items. Mainland visitors had the highest per-capita shopping spending of MOP 1,103 and that of overnight Mainland visitors reached MOP 1,634. Per-diem spending of visitors amounted to MOP 1,482 in the second quarter of 2011, up by 3% year-on-year. Per-diem spending of Mainland visitors stood at MOP 1,868 and that of visitors from Southeast Asia, Hong Kong and Taiwan, China was MOP 1,221, MOP 906 and MOP 888 respectively. The average length of stay of visitors was similar to the second quarter of 2010, at 0.9 day. Average length of stay of overnight visitors increased by 0.1 day to 1.7 days, while that of same-day visitors held stable at 0.2 day. Total spending and per-capita spending of visitors for the second quarter of 2011 were extrapolated from about 51,600 effective questionnaires collected; besides, data for the second quarter of 2010 have been re-compiled accordingly to facilitate direct comparison.
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Information from the Statistics and Census Service indicated that value of retail sales for the second quarter of 2011 amounted to MOP 9.60 billion, up by 39% year-on-year. Retail sales of Watches, Clocks & Jewellery amounted to MOP 2.53 billion (26% of total), which was followed by retail sales of Goods in Department Stores (14%), Leather Goods (11%), Adults' Clothing (9%), Goods in Supermarkets (6%), Motor Vehicles (6%), Cosmetics & Sanitary Articles (3%) and Communication Equipment (3%). In comparison with the revised figure (MOP 9.59 billion) in the first quarter, value of retail sales for the second quarter of 2011 increased slightly by 0.1%, with marked increase in the retail sales of Automotive Fuels (+16%), Goods in Pharmacies (+11%) and Watches, Clocks & Jewellery (+5%). On the contrary, retail sales of motor vehicles, goods in supermarkets and adults' clothing decreased by 12%, 6% and 5% respectively. In the first half year of 2011, value of retail sales reached MOP 19.19 billion, up by 38% year-on-year. After removing the effect of price changes, volume of retail sales for the second quarter of 2011 rose by 26% year-on-year, with that of Communication Equipment surging by 64%, Cosmetics & Sanitary Articles; and Leather Goods rising by 58% and 55% respectively. In the first half year of 2011, volume of retail sales rose by 27% year-on-year. Volume of retails sales decreased by 3% quarter-to-quarter, with notable decrease being observed in that of Motor Vehicles (-13%), Goods in Supermarkets (-8%), Adults' Clothing (-8%) and Goods in Department Stores (-6%); however, sales volume of Goods in Pharmacies and Automotive Fuels registered increase of 9% and 8% respectively quarter-to-quarter. In the second quarter of 2011, about 42% of the retailers reported decrease in the sales volume from the first quarter, down by 1 percentage point compared with the previous quarter; besides, 58% stated that the sales volume remained stable or showed increase. In terms of retail prices, about 66% noted that the prices were stable, 21% stated that the prices increased whereas 13% reported the prices decreased. Compared with the first quarter of 2010, about 74% expressed that the stock level was normal in the second quarter of 2011, while 16% indicated that the stock level was low. Regarding the business outlook for the third quarter of 2011, about 77% anticipate that the sales volume will increase or remain stable compared with the second quarter, while 23% expect a decrease. Meanwhile, about 26% predict that the retail prices will increase, 68% expect stable prices whereas 6% forecast a decrease.
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The Monetary Authority of Macao released today the credit card statistics for the second quarter of 2011. The total number of personal credit cards in circulation was 473,082 at the end of June 2011, representing an increase of 5.6% from a quarter ago. The numbers of Pataca (MOP) cards, Hong Kong Dollar (HKD) cards and Renminbi (RMB) cards were 364,041, 63,661 and 45,380 respectively. MOP cards, HKD cards and RMB cards witnessed respective growth of 3.9%, 2.9% and 26.2% quarter-to-quarter. On an annual basis, RMB cards jumped 145.2% while MOP cards and HKD cards increased 18.3% and 11.5% respectively. As at the end of June 2011, credit card credit limit granted by banks in Macao reached MOP8.1 billion, up 2.0% from end-March 2011. Credit card receivables amounted to MOP1.3 billion while the rollover amount totalled MOP449.4 million, accounting for 34.9% of credit card receivables. The delinquency ratio, i.e. the ratio of delinquent amount overdue for more than three months to credit card receivables, stood at 0.95%. During the second quarter of 2011, the credit card turnover grew 2.3% quarter-to-quarter to MOP2.3 billion. The cash advance turnover was MOP135.1 million, accounting for 5.8% of total credit card turnover. Credit card repayments, in which payments for interest and fees are included, dropped by 7.1% from the previous quarter to MOP2.3 billion. For enquiry, please contact: Research and Statistics Department
Monetary Authority of Macao (Tel：8395 2532Fax：2835 3042)
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The Statistics and Census Service (DSEC) conveys its appreciation for the residents' support to the satisfactory progress of the 2011 Census that enters the eighth day of data collection. Census officers have visited 160,000 building units in the past 7 days, of which more than 80,000 units have completed the census questionnaire, in addition to about 10,000 that opted the e-Questionnaire. For the households who are out of Macao because of work or having summer vacation, the visiting Census officer will leave an appointment card and they can call the Census Hotline at 8809 8809 to schedule an appointment. DSEC encourages households answering the short-form to complete the e-Questionnaire at the Census website: censos.dsec.gov.mo. As a token of appreciation, upon completion of the questionnaire, the cooperating households have the chance to win shopping vouchers in a lucky draw and the total prizes of the lucky draw worth more than MOP 100,000. In view of the diversity of the local society, questionnaires of the 2011 Census are available in 10 different languages, namely Chinese (traditional and simplified), Portuguese, English, Tagalog, Thai, Japanese, Korean, Indonesian, Burmese and Vietnamese. DSEC calls on the public to contact the Census Hotline at 8809 8809 for other language version of the Census questionnaire.
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Two projects have been selected for the Cultural Affairs Bureau Academic Research Grants supported by the Macao Special Administrative Region. The grants are aimed at supporting academic research projects in the Humanities that make a significant original contribution to the understanding of Macao, and of Macao's relationship with China and other countries. The grant regulations provide a flexible scheme for application and for the payment of grants. Applications may be submitted at any time throughout the year. The Evaluation Panel meets twice annually and applicants are informed of the Panel's decision in March or August, depending on when the application is received. This semester, the following projects were chosen out of the applications received between December 1, 2010 and May 31, 2011: Zhu Shoutong will research on "Macao Literature and Modern Chinese Literature". Zhu obtained his PhD in Literature from Nanjing University. He is now a professor and Head of the University's Department of Chinese. Li Yu-chung will focus on "Alliance or Enemy: Relationship between Manila and Macao (1571-1700) from the Spanish's Point of View". Li obtained his PhD in American History (including the Philippines) from the University of Sevilla, Spain. He is now an assistant professor at National Tsing Hua University's Institute of History. Grantees must submit an original monograph of 120,000 words minimum and the Cultural Affairs Bureau reserves the exclusive right to publish all or part of the grantee's original monograph, for example, in the Bureau's publication Review of Culture. For more information on the Cultural Affairs Bureau Academic Research Grants, please visit the Cultural Affairs Bureau's website: www.icm.gov.mo.
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The Statistics and Census Service (DSEC) released results of the Employment Survey for the second quarter of 2011, of which principal indicators such as the labour force participation rate (71.6%) and unemployment rate (2.7%) were published in July. Total labour force was 338,000 in the second quarter of 2011, comprising 329,000 employed and 9,000 unemployed. Compared with the first quarter of 2011, total labour force registered an increase of 3,800, with number of the employed and the unemployed rising by 3,700 and 100 respectively. Analyzed by industry, the majority of the employed were engaging in Recreational, Cultural, Gaming & Other Services (24.6%), as well as Wholesale & Retail Trade (13.6%). In terms of occupation, Clerks (including croupiers, floorpersons, betting service operators, etc.) and Service & Sales Workers accounted for 26.2% and 23.7% of the total respectively. Median monthly employment earnings of both the employed (MOP9,600) and the local residents (MOP10,000) held stable as the first quarter of 2011. Number of the underemployed totalled 4,200, with 68.2% engaging in Construction and 10.8% in Transport, Storage & Communications. In respect of the unemployed, 92.6% were searching for a new job and 7.4% were fresh labour force entrants searching for their first job. With regard to educational attainment, 28.2% had primary education or lower, 37.4% had junior secondary education and 22.7% had senior secondary education. For the unemployed that were searching for a new job, analyzed by industry previously engaged, 22.4% had worked in Recreational, Cultural, Gaming & Other Services and 21.6% in Hotels, Restaurants & Similar Activities. Analyzed by previous occupation, 27.8% were Service & Sales Workers and 25.8% were Clerks.
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In cooperation with Macau Just Café / Vui Ut Company Ltd, IFT Tourism Retail and Marketing Management Year 2 students developed a refreshing signature coffee drink – M2 Kick Espresso. It will be on sale in Rua de N. Sra do Amparo Just Café. The product launch and a hosted celebration will take place on 20 August, 1100 at Just Café. The brand-new signature drink "M2 Kick Espresso" was created during a series of marketing activities carried out by IFT students in collaboration with Just Café. The activities were divided into two parts: The first part had students developing a signature coffee drink with a unique taste to suit the summer. Coffee courses delivered by Just Café deepened students' understanding of several varieties of coffee. With students' innovations and repeated trials, a superior signature drink was finally approved by students and course instructors, M2 Kick Espresso emerged as the representative drink to be marketed. The second part involved students writing a business proposal regarding the signature drink. This proposal is part of the course which is designed to provide students with a rich platform for realistic business contacts in practice, in order to develop their innovative thinking and commercial acumen. Such a valuable experience accents students' personal development. With the increasing development of the Macao gaming industry and the number of tourists, Macao's tourism retail industry shows signs of rapid development. In view of this, IFT offers its Tourism Retail and Marketing Management degree programme in order to cultivate future leaders in this growing industry. Apart from the retail-related theories learned in the class, a 4-week practicum and a 6-month internship programme help enrich students working experience in the retail industry. The Institute has always encouraged students to apply theories learnt from the course to an actual business environment. The Institute and course instructors strive to become the bridge between students and industry representatives in order to provide students with more opportunities to interact within the industry. This project is officiated by Mr. Tony Lam, Director of Retail and Leisure Operations of Venetian Macau and Mr. Lester Chao, General Manager of Just Café, they are taking the time to personally guide students and give comments and suggestions on the project. Both have complimented student's team spirit and innovative ideas demonstrated in this project. A written proposal can be converted to a public offering of products; such a result gives recognition to the students' close teamwork and support from the two companies. In view of "M2 Kick Espresso" revealing diverse business opportunities, Just Café decided to sell the product to honour students' efforts. Just Café even used the posters and videos, designed and directed by the students, as promotional materials in the store, on their website, and FACEBOOK. For information and details of the event, please contact Just Café during business hours (1200 to 1900), tel: (853) 2830-0965.
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