Macao SAR, China: Trade Profile

Foreign Trade in Figures

Macau is very open to foreign trade, which equalled 121% of its GDP in 2020 (World Bank, 2022). In addition to being a port zone without customs duties due to its free port status, Macau also boasts an advantageous tax system. Total Imports of Goods and Services represented over 33% of GDP in 2020, while Exports of Goods and Services represented over 84% of GDP (WTO and World Bank, 2021).

Macau exports jewellery (12.9% of all export), broadcasting equipment (11.1%), precious metal watches (7.8%), telephones (6.3%), and trunks and cases (5%). The most common destination for the exports of Macau are Hong Kong (61.2% of all exports), China (10.1%), United States ($6.9%) and Australia (4%).

Macau’s largest import partner is China (35.4% of all imports). Other export partners include Hong-Kong (25.1%), Italy (4.4%) and France (3.9%). Macau imports electricity, cars, jewellery, trunks and cases and broadcasting equipments. 

Macau has a structurally negative trade balance, a trend that is expected to continue in the coming years. Macau’s trade deficit widened to MOP 12.6 billion (1.56 billion USD) in January of 2022 from MOP 9.1 billion (1.12 billion USD) a year earlier. Imports jumped 33.6 percent year-on-year to MOP 14.1 billion (1.74 billion USD) mainly boosted by purchases of beauty, cosmetic or skincare products (125.4%); gold jewellery (80.9%); watches (38.8%); and handbags and wallets (26.5%). Meanwhile, imports declined for construction materials (-10.1%). At the same time, exports rose by only 0.3 percent to MOP 1.4 billion (173.7 million USD), driven by an 18.1% rise in domestic exports, while a 2.1%decline in re-exports limited the further gains. Sales increased mainly for textiles and garments (25.5%) whereas declined for non-textiles items (-1.9%), in particular machines, apparatus and parts with a decline of 49.7% (Statistics and Census Service, Government of Macao SAR, 2022).

In recent years, the relocation of industrial activities to mainland China, where the cost of labour and land is lower, has hindered Macau’s exports. Macau has signed agreements of avoiding double taxation with mainland China, Portugal, Mozambique, and Cape Verde, and tax information exchange agreements with many other countries. Through its political status, Macau's economy is linked to the economy and trade of mainland China. Many trade policies, including free-trade agreements, therefore give it preferred access to the Chinese market. There is little government control over export and import licences. Trade has been on the rise thanks to the process of economic diversification and the partial liberalisation of the tertiary sector. Low taxes and customs clearance on electronic goods have accelerated trading procedures. Despite these advantages, the lack of transparency in many sectors remains a major obstacle to the development of trade.

Main Partner Countries

Source: Comtrade, Latest Available Data

Main Products

Source: Comtrade, Latest Available Data

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Main Services

Source: United Nations Statistics Division, Latest Available Data

List of tariffs and local taxes that apply to your product on our service Customs duties

Trade Compliance

International Conventions

Member of World Trade Organisation

International Economic Cooperation

Member of Asia-Pacific Economic Cooperation

Party of the ATA Convention on Temporary Admissions and Use of the Carnets

Yes

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.

Useful Resources

Department of Customs

 

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Latest Update: May 2022