Macau Trade Deficit Narrows Slightly

Macau’s trade deficit widened to MOP 10.6 billion in December 2025, up from MOP 10.1 billion a year earlier. Exports climbed 11% to MOP 1.2 billion, supported by stronger shipments in machinery and transport equipment (47.4%), food and live animals (27.1%), and miscellaneous manufactured articles (8.2%). Shipments expanded to France (29.8%), China (13.5%), and Hong Kong (12.2%). Meanwhile, imports increased by 5.9% to MOP 11.8 billion, driven by higher purchases of raw materials and semi-manufactured products (18.7%), consumer goods (5.9%), and capital goods (2.9%). Imports rose from South Korea (18.1%), Germany (14.7%), Thailand (12.7%), and Brazil (11.1%). For full-year 2025, Macau’s trade deficit reached MOP 110.9 billion, with exports rising 3.2%, while imports declined by 1.8%.

Macau’s trade deficit narrowed modestly to MOP 10.1 billion in November 2025, from MOP 10.3 billion a year earlier. Exports rose 0.9% year-on-year to MOP 1.1 billion, supported by stronger shipments of non-textiles (+7.5%), particularly machinery, apparatus and parts (+97.5%), as well as travel goods & handbags (+26.3%). Outbound shipments expanded to China (+47.2%) and the EU (+10.6%), but fell sharply to the US (-54.8%), Philippines (-44.8%) and India (-26.3%). Imports slipped 2.0% to MOP 11.2 billion, weighed down by lower purchases of food and beverages (-8.7%) and garments & footwear (-1.4%). By origin, imports fell from the US (-15.1%), China (-0.6%) and Switzerland (-14.8%), while rising from the EU (+2.2%). For the first eleven months of 2025, Macau’s trade deficit totaled MOP 100.5 billion, with exports up 2.5% and imports down 3.7%.

Macau's trade deficit narrowed slightly to MOP 9.92 billion in October 2025 from MOP 9.94 billion in the same month last year. Exports rose by 7.9% year-on-year to MOP 1.3 billion, driven by higher sales of non-textiles (+4.0%), particularly machinery, apparatus and parts (+6.3%), as well as watches (+27.3%). Outbound shipments increased sharply to China (+92.7%), followed by the EU (+34.0%) and the Philippines (+27.1%). Meanwhile, imports grew by 0.7% to MOP 11.2 billion, supported by higher purchases of food and beverages (+4.8%) and gold jewellery (+11.7%). By origin, imports rose from Hong Kong (+13.1%), China (+7.6%) and Switzerland (+2.9%), but declined from the EU (-1.7%). In the first ten months of 2025, Macau’s trade deficit narrowed to MOP 90.7 billion from MOP 94.8 billion, as exports increased 2.7% while imports fell 3.5%.