flag Macao SAR, China Macao SAR, China: Trade Profile

Foreign Trade in Figures

Macau is very open to foreign trade, which amounts to around 178% of its GDP (World Bank, latest available data). In addition to being a port zone without customs duties due to its free port status, Macau also boasts an advantageous tax system. Macau mainly exports articles of jewellery (19.9%), telephone sets (15.2%), wrist-watches, pocket-watches, and other watches (10.6%), trunks, suitcases (6.3%), and women's or girls' suits (5.4%), while imports are led by beauty or make-up preparations (13.8%), articles of jewellery (9.3%), telephone sets (8.5%), trunks, suitcases (7.6%), and wrist-watches, pocket-watches, and other watches (4.4% - data Comtrade 2022).

Macau’s largest import partners are China (30.6%), France (18.6%), Italy (10.9%), Switzerland (7.1%), the United States (6.8%), and Japan (6.4%). Exports are mostly directed towards Hong Kong (84.4%), with lower shares for China (9.3%), and the U.S. (3.8% - data Comtrade 2022). In 2003, a Closer Economic Partnership Arrangement was signed between mainland China and Macau. Though not as comprehensive as Hong Kong's, it grants Macau-based firms preferential access to the mainland market in several areas. Furthermore, in October 2017, Macau signed a CEPA with Hong Kong. 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.

Macau has a structurally negative trade balance, a trend that is expected to continue in the coming years. According to WTO data, merchandise exports totaled USD 1.6 billion in 2022, against USD 17.3 billion in imports. However, Macau has a positive trade balance in services, with imports reaching USD 12.3 billion, much higher than the level of imports (USD 4.2 billion). Preliminary governmental figures show that, in 2023, exports decreased by 2.5% y-o-y, with domestic exports declining by 23.4% (while re-exports increased by 1.1%). On the other hand, imports were relatively stable (-0.3%). In 2023, exports of gaming services surged by 344%, while other tourism services saw a notable increase of 128%.

 
Foreign Trade Indicators 20192020202120222023
Imports of Goods (million USD) 11,16711,58819,21917,33817,541
Exports of Goods (million USD) 1,5861,3531,6201,6771,654
Imports of Services (million USD) 5,1673,2513,9873,8335,231
Exports of Services (million USD) 43,70111,33418,68413,20437,882
Imports of Goods and Services (Annual % Change) -4-1549-8n/a
Exports of Goods and Services (Annual % Change) -2-6571-28n/a
Trade Balance (million USD) -10,571-7,661-10,848-10,453n/a
Foreign Trade (in % of GDP) 114121164183n/a
Imports of Goods and Services (in % of GDP) 32607697n/a
Exports of Goods and Services (in % of GDP) 83628887n/a

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Partner Countries

Main Customers
(% of Exports)
2023
Hong Kong SAR, China 84.4%
China 7.8%
United States 4.8%
Vietnam 1.1%
Singapore 0.5%
See More Countries 1.4%
Main Suppliers
(% of Imports)
2023
China 28.6%
France 16.1%
Switzerland 6.8%
Japan 6.1%
United States 6.0%
See More Countries 36.5%

Source: Comtrade, Latest Available Data

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Main Products

1.4 bn USD of products exported in 2022
Articles of jewellery and parts thereof, of...Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal (excl. articles > 100 years old) 19.9%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 15.2%
Wrist-watches, pocket-watches and other watches,...Wrist-watches, pocket-watches and other watches, incl. stop-watches, with case of precious metal or of metal clad with precious metal (excl. with backs made of steel) 10.6%
Trunks, suitcases, vanity cases, executive-cases,...Trunks, suitcases, vanity cases, executive-cases, briefcases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper 6.3%
Women's or girls' suits, ensembles, jackets,...Women's or girls' suits, ensembles, jackets, blazers, dresses, skirts, divided skirts, trousers, bib and brace overalls, breeches and shorts (excl. knitted or crocheted, wind-jackets and similar articles, slips, petticoats and panties, tracksuits, ski suits and swimwear) 5.4%
See More Products 42.6%
17.4 bn USD of products imported in 2022
Beauty or make-up preparations and preparations...Beauty or make-up preparations and preparations for the care of the skin, incl. sunscreen or suntan preparations (excl. medicaments); manicure or pedicure preparations 13.8%
Articles of jewellery and parts thereof, of...Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal (excl. articles > 100 years old) 9.3%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 8.5%
Trunks, suitcases, vanity cases, executive-cases,...Trunks, suitcases, vanity cases, executive-cases, briefcases, school satchels, spectacle cases, binocular cases, camera cases, musical instrument cases, gun cases, holsters and similar containers; travelling-bags, insulated food or beverage bags, toilet bags, rucksacks, handbags, shopping-bags, wallets, purses, map-cases, cigarette-cases, tobacco-pouches, tool bags, sports bags, bottle-cases, jewellery boxes, powder-boxes, cutlery cases and similar containers, of leather or of composition leather, of sheeting of plastics, of textile materials, of vulcanised fibre or of paperboard, or wholly or mainly covered with such materials or with paper 7.6%
Wrist-watches, pocket-watches and other watches,...Wrist-watches, pocket-watches and other watches, incl. stop-watches, with case of precious metal or of metal clad with precious metal (excl. with backs made of steel) 4.4%
See More Products 56.5%

Source: Comtrade, Latest Available Data

 

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Main Services

Source: United Nations Statistics Division, Latest Available Data

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

 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
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 2024

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