Macau Trade Deficit Widens in January

Macau’s trade deficit widened sharply to MOP 11.7 billion in January 2026 from MOP 9.4 billion in the corresponding month of the previous year. Imports climbed 24.6% year-on-year to MOP 13.2 billion, driven by higher purchases of raw materials and semi-manufactured products (+104.6%), capital goods (+66.7%), and other consumer goods (+15.7%). Imports rose from the Netherlands (+68.1%), South Korea (+31.4%), and Italy (+22.1%). Meanwhile, exports jumped 29.2% to MOP 1.5 billion, supported by increased shipments in food and live animals (+126.4%), crude materials (+65.6%), and machinery and transport equipment (+61.4%). Shipments expanded to China (+47.3%), Hong Kong (+36.3%), and the USA (+12%).

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%.