Macau's trade deficit narrowed to MOP 6.16 billion in July 2019 from MOP 6.52 billion a year earlier. Year-on-year, exports advanced 13.6 percent to MOP 1.04 billion, mainly driven by re-exports (16%), with that of cosmetic & skin-care products and diamond & diamond jewelry surging by 230.6% and 166.1%, respectively. Sales grew to the US (5.3%) and the EU (96.2%), but tumbled to China (-18.7%). Meanwhile, imports shrank 3.2 percent to MOP 7.2 billion, weighed down by mobile phones (-54.4%), construction materials (-41.1%), and gold jewelry (22.9%). Purchases dropped from China (-1.8%) and the US (-7.2%), but rose from the EU (17.8%). Considering the first seven months of 2019, exports grew 4.7 percent from a year earlier to MOP 7.44 billion, while imports fell 2.2 percent to MOP 49.48 billion, bringing a trade gap of MOP 42.04 billion. Balance of Trade in Macau averaged -2718677.40 Thousand MOP from 1997 until 2019, reaching an all time high of 634540 Thousand MOP in July of 2000 and a record low of -8008621.97 Thousand MOP in December of 2014.
Balance of Trade in Macau is expected to be -6700000.00 Thousand MOP by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Macau to stand at -7084739.86 in 12 months time. In the long-term, the Macau Balance of Trade is projected to trend around -7087734.60 Thousand MOP in 2020, according to our econometric models.