The balance of payments of the Macao Special Administrative Region continued to show a surplus in 2007, as represented by a rise of MOP28.2 billion in foreign exchange reserves (excluding price and exchange rate changes as well as other adjustments) from a year earlier. The overall surplus stemmed from a surplus of MOP47.1 billion in the current account, a net inflow of funds of MOP2.6 billion in the capital account and a net reduction of MOP39.3 billion in financial non-reserve assets.
Chart 1: Balance of Payments, 2006-2007
-40,000 -30,000 -20,000 -10,000 0 10,000 20,000 30,000 40,000 50,000 60,000
2006 2007
*net change (Millions of patacas)
Current account Capital account
Financial non-reserve assets* Reserve assets*
The BOP statement consists of two main groups of accounts:
(i) Current account – which contains goods and services, income and current transfers;
(ii) Capital and financial account – which contains capital and financial flows (both inward and outward), and acquisition or disposal of non-produced, non-financial assets.
Current Account
In 2007, the current account surplus rose to MOP47.1 billion (equivalent to 31.0% of GDP at current market prices), up from MOP23.4 billion (equivalent to 20.3% of GDP) in 2006. Although the visible trade deficit expanded by 30.0% in 2007, the large invisible trade surplus was able to offset the net outflow of funds from the goods account, the income account and current transfers.
The favourable economic environment continued to drive up domestic demand in 2007. Imports of goods (f.o.b.) surged by 18.1% while exports of goods remained virtually unchanged from 2006. This situation widened the visible trade deficit from MOP31.5 billion in 2006 to MOP40.9 billion in 2007. In addition, the invisible trade surplus remained large at a value of MOP93.8 billion in 2007, up from MOP69.3 billion in 2006. The increment was mainly attributable to rising visitor arrivals in 2007, particularly from Mainland China and Hong Kong, pushing exports of travel services up by 39.1% and resulting in a surge in net exports of travel services from MOP75.6 billion in 2006 to MOP105.7 billion in 2007. Transportation and other services continued to show a positive value of net imports, which broadened from MOP6.4 billion in 2006 to MOP11.9 billion in 2007. Overall, a combined visible and invisible trade surplus of MOP52.9 billion was recorded in 2007, compared to a surplus of MOP37.8 billion in 2006.
The income account, which reflects net external factor income, showed a net outflow of MOP1.2 billion as a result of an inflow of external factor income of MOP15.6 billion and an outflow of external factor income of MOP16.9 billion. A net outflow of MOP10.5 billion was registered for direct investment income, while net inflows of MOP3.7 billion and MOP7.0 billion were recorded for portfolio investment income and other investment income respectively.
Current transfers, which record basically workers’ remittance to and out of Macao and external donations to and from local social service organisations, continued to register a net outflow, from MOP1.9 billion in 2006 to MOP4.6 billion in 2007.
Balança de Pagamentos 2007 Balance of Payments 2007
國際收支平衡表 二零零七年
44
Chart 2: Net Flows of the Current Account, 2006-2007
-60,000 -40,000 -20,000 0 20,000 40,000 60,000 80,000 100,000 120,000
2006 2007
(Millions of patacas)
Current account Goods Services Income Current transfers
Capital and Financial Account
In the year 2007, the capital and financial account, including official reserve assets, recorded a net inflow of MOP13.7 billion as against a net outflow of MOP19.5 billion one year earlier. In the capital account, the net inflow of capital transfers (mainly migrants’ transfers) amounted to MOP2.6 billion, down from MOP3.5 billion in 2006.
Regarding financial non-reserve assets, the net inflow (i.e. net reduction in foreign assets) stood at MOP39.3 billion (equivalent to 25.9% of GDP), compared with the net outflow of MOP6.5 billion in 2006 (5.6% of GDP).
Mainly boosted by an upsurge in property investment by nonresidents as well as increases in investment in economic activities (such as construction, and wholesale and retail trade) driven by the gaming industry, the net inflow from direct investment surged from MOP17.0 billion in 2006 to MOP28.2 billion in 2007. In addition, portfolio investment had a net outflow of MOP10.1 billion, whilst both financial derivatives and other investment recorded net inflows of MOP0.4 billion and MOP20.8 billion respectively.
The banking sector recorded a net investment inflow of MOP13.0 billion in 2007 as against a net outflow of MOP21.0 billion in 2006, while the general government and other sectors together showed a net investment inflow of MOP26.3 billion, up from MOP14.5 billion in 2006.
The growing economy and promising prospects for the gaming and tourism sector continued to boost investment sentiments in Macao. Inward foreign direct investment (including property investment by nonresidents) amounted to MOP35.1 billion, representing an increase of 66.1% from 2006. At the same time, direct investment abroad rose by 68.9% or MOP2.8 billion to MOP6.9 billion in 2007. As a result, the direct investment account recorded a net inflow of MOP28.2 billion, as against MOP17.0 billion in 2006.
Chart 3: Net Changes in the Financial Account, 2006-2007
-40,000 -30,000 -20,000 -10,000 0 10,000 20,000 30,000 40,000
2006 2007
(Millions of patacas)
Direct investment Portfolio investment Financial derivatives
Other investment Reserve assets
The SAR Government had no external debt. According to the findings of the Coordinated Portfolio Investment Survey, portfolio investment holdings by Macao residents, excluding the holding of foreign exchange reserves, reached MOP101.2 billion as at the end of 2007 (MOP83.2 billion in 2006). The net outflow therein over the year as recorded in the portfolio investment account was MOP10.1 billion, of which other sectors and the general government recorded net outflows of MOP13.6
Balança de Pagamentos 2007 Balance of Payments 2007
國際收支平衡表 二零零七年
46
billion and 1.4 billion respectively. Banks, on the contrary, showed a net inflow of MOP5.0 billion.
Other investment recorded a net inflow of MOP20.8 billion in 2007 as compared with a net outflow of MOP10.4 billion in 2006. The net inflow in other investment resulted from a notable MOP46.9 billion increase in foreign liabilities and a smaller rise in foreign assets at MOP26.1 billion. By sector, banks recorded a net inflow of MOP5.1 billion while the general government and other sectors together showed a net inflow of MOP15.6 billion. By component, loans granted abroad increased by MOP10.4 billion in 2007, while external loans extended to the SAR surged by MOP14.3 billion. Assets in foreign currency and deposits rose by MOP16.8 billion, while nonresident deposits in the local banking system soared by MOP27.3 billion.
Other foreign assets fell by MOP1.4 billion but the corresponding liabilities increased by MOP3.7 billion during 2007.
The BOP surplus was fully reflected in the official reserve assets held by the Monetary Authority of Macao, which expanded from MOP73.1 billion at end-2006 to MOP106.3 billion at end-2007. Excluding the effects of price and exchange rate changes as well as other adjustments, official reserve assets increased by MOP28.2 billion during 2007 as against an increase of MOP16.5 billion in 2006. The international reserves as at end-2007 was equivalent to approximately 15.3 months’
total value of goods and services imported, revealing that Macao had a very strong external position to meet external claims on its financial assets.
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（106 MOP）
2003 2004 2005 2006r 2007@
1. Current Account 25 344.2 34 013.0 26 976.5 23 423.9 47 114.4
Goods -8 767.4 -14 778.1 -22 368.0 -31 491.7 -40 931.4
Services 35 534.1 53 745.3 56 367.4 69 252.7 93 843.2
Income -1 222.3 -4 590.7 -6 216.8 -12 457.8 -1 236.0
Current Transfers -200.3 -363.6 -806.1 -1 879.4 -4 561.4
2. Capital and Financial Account -16 703.8 -18 515.6 -6 998.8 -19 471.5 13 696.9
Capital Account 706.2 2 197.7 4 122.0 3 508.3 2 560.3
Financial Account* -17 410.1 -20 713.3 -11 120.9 -22 979.9 11 136.6
Financial non-reserve assets (net change) -13 472.8 -12 495.8 -2 101.8 -6 511.4 39 318.2
Direct Investment 4 162.3 6 806.9 13 670.8 17 049.6 28 212.1
Portfolio Investment -9 558.6 -17 497.7 -4 946.1 -11 479.1 -10 055.6 Financial Derivatives** -911.3 -4 681.7 -4 185.6 -1 694.4 386.1
Other Investment -7 165.1 2 876.6 -6 640.8 -10 387.5 20 775.6
Reserve Assets*** -3 937.2 -8 217.5 -9 019.1 -16 468.4 -28 181.6
3. Errors and Omissions -8 640.3 -15 497.4 -19 977.7 -3 952.3 -60 811.3 Overall Balance of Payments 3 937.2 8 217.5 9 019.1 16 468.4 28 181.6
Notes: * "+" represents an increase in external liabilities or a decrease in external assets, indicating an inflow of funds;
"-" represents a decrease in external liabilities or an increase in external assets, indicating an outflow of funds.
** According to the latest revision of the International Monetary Fund (IMF), financial derivatives are presented as an individual item of the financial account.
*** Excluding price and exchange rate changes as well as other adjustments.
Table 1. Balance of Payments: Macao SAR
Table 2. Balance of Payments Sub-account Components: Current Account
(106 MOP)
Standard Components 2003 2004 2005 2006r 2007@
Current Account 25 344.2 34 013.0 26 976.5 23 423.9 47 114.4
Credit 69 521.2 91 012.8 95 974.3 117 069.9 152 689.2
Debit -44 177.1 -56 999.8 -68 997.8 -93 646.1 -105 574.7
Goods -8 767.4 -14 778.1 -22 368.0 -31 491.7 -40 931.4
Exports 20 733.0 22 586.9 19 854.2 20 478.1 20 451.4
Imports -29 500.4 -37 364.9 -42 222.3 -51 969.8 -61 382.8
Services 35 534.1 53 745.3 56 367.4 69 252.7 93 843.2
Exports 44 958.7 64 686.6 68 994.2 84 319.3 115 801.2
Imports -9 424.6 -10 941.3 -12 626.8 -15 066.6 -21 957.9
Transportation, exports 1 929.6 2 777.8 3 196.2 3 660.2 3 795.3
Transportation, imports -1 003.2 -1 310.2 -1 851.7 -2 140.6 -2 463.5
Travel, exports 41 347.6 60 001.0 63 916.7 78 642.1 109 381.7
Travel, imports -2 331.1 -2 665.7 -2 867.8 -3 025.8 -3 663.6
Other services, exports 1 681.5 1 907.7 1 881.3 2 016.9 2 624.2
Other services, imports -6 090.3 -6 965.4 -7 907.2 -9 900.1 -15 830.8
Income -1 222.3 -4 590.7 -6 216.8 -12 457.8 -1 236.0
Receipts 3 167.4 3 104.3 6 460.0 11 407.7 15 628.2
Payments -4 389.7 -7 695.0 -12 676.8 -23 865.5 -16 864.2
Compensation of employees, receipts ~ ~ ~ ~ ~
-86.6 -206.5 -430.7 -1 204.6 -1 353.5
Investment income, receipts 3 167.4 3 104.3 6 460.0 11 407.7 15 628.2
Direct investment income -39.0 -15.5 279.1 451.7 565.2
Dividends and distributed branch profits 66.5 99.5 28.4 126.7 72.2
-105.6 -116.8 245.0 318.8 491.0
Income on debt (interest) o# 1.9 5.7 6.1 2.0
Portfolio investment income 1 553.0 1 705.4 2 171.1 2 666.7 3 992.2
Income on equity 287.6 350.2 407.1 468.2 500.9
Income on bonds and notes 1 143.4 1 245.6 1 598.4 2 013.8 3 098.4
122.0 109.5 165.6 184.8 393.0
Other investment income 1 653.5 1 414.3 4 009.8 8 289.3 11 070.8
Investment income, payments -4 303.1 -7 488.5 -12 246.0 -22 660.9 -15 510.6 -3 963.3 -7 212.6 -11 279.2 -19 751.5 -11 063.3 Dividends and distributed branch profits -1 810.3 -4 889.4 -5 663.6 -6 404.1 -4 541.1 -2 109.7 -2 282.6 -5 564.5 -13 313.6 -6 484.5
-43.4 -40.7 -51.2 -33.8 -37.8
Portfolio investment income -50.2 -59.9 -64.5 -97.2 -336.2
Income on equity -15.2 -23.4 -40.3 -65.6 -136.8
Income on bonds and notes - - - - o#
Income on money market instruments -35.0 -36.5 -24.2 -31.6 -199.4
Other investment income -289.5 -215.9 -902.3 -2 812.2 -4 111.1
Current transfers -200.3 -363.6 -806.1 -1 879.4 -4 561.4
Receipts 662.1 635.0 665.8 864.8 808.5
General government - - - -
-Other sectors 662.1 635.0 665.8 864.8 808.5
Payments -862.4 -998.6 -1 471.9 -2 744.1 -5 369.9
General government -18.0 -17.4 -86.5 -21.5 -25.0
Other sectors -844.4 -981.2 -1 385.4 -2 722.7 -5 344.8
Income on money market instruments
Direct investment income
Reinvested earnings and undistributed branch profits Income on debt (interest)
Compensation of employees, payments
Reinvested earnings and undistributed branch profits
Balança de Pagamentos 2007 Balance of Payments 2007
國際收支平衡表 二零零七年
50
Table 3. Balance of Payments Sub-account Components: Capital and Financial Account
(106 MOP)
Standard Components 2003 2004 2005 2006r 2007@
Capital and Financial Account -16 703.8 -18 515.6 -6 998.8 -19 471.5 13 696.9 Capital and financial non-reserve assets (net change) -12 742.4 -10 298.1 2 020.3 -3 003.1 41 878.5
Capital Account 706.2 2 197.7 4 122.0 3 508.3 2 560.3
Capital transfers 711.5 2 197.7 4 122.3 3 509.2 2 600.5
General government - - - -
-Other sectors 711.5 2 197.7 4 122.3 3 509.2 2 600.5
Nonproduced, nonfinancial assets -5.3 o# -0.3 -0.9 -40.2
Financial Account -17 410.1 -20 713.3 -11 120.9 -22 979.9 11 136.6
Financial non-reserve assets (net change) -13 472.8 -12 495.8 -2 101.8 -6 511.4 39 318.2
Direct investment 4 162.3 6 806.9 13 670.8 17 049.6 28 212.1
Direct investment abroad 18.3 648.4 -481.8 -4 099.2 -6 921.9
Equity capital 22.4 693.7 -8.2 849.6 -32.0
Claims on affiliated enterprises 22.4 693.7 -8.2 849.6 -32.0
Liabilities to affiliated enterprises - - - -
-Reinvested earnings 105.6 116.8 -245.0 -318.8 -491.0
Other capital -109.7 -162.1 -228.6 -4 629.9 -6 398.9
Claims on affiliated enterprises 16.7 -160.7 -291.8 -4 624.1 -6 592.5 Liabilities to affiliated enterprises -126.5 -1.4 63.2 -5.8 193.6 Direct investment in Macao 4 144.0 6 158.5 14 152.6 21 148.7 35 134.1
Equity capital 613.5 18.4 1 055.1 1 385.7 3 342.9
Claims on direct investors - - - -
-Liabilities to direct investors 613.5 18.4 1 055.1 1 385.7 3 342.9 Reinvested earnings 2 109.7 2 282.6 5 564.5 13 313.6 6 484.5
Other capital 1 420.8 3 857.6 7 533.1 6 449.4 25 306.6
Claims on direct investors -41.6 -31.8 22.0 -1 177.1 -984.0 Liabilities to direct investors 1 462.4 3 889.4 7 511.1 7 626.4 26 290.7 Portfolio investment -9 558.6 -17 497.7 -4 946.1 -11 479.1 -10 055.6
Assets -9 555.7 -17 495.4 -4 946.3 -11 478.4 -10 056.8
Equity securities -2 868.8 -3 907.3 -2 855.8 -1 706.7 -11 861.5
-612.9 -1 381.7 15.2 1.2 -471.1
Banks 47.6 -14.7 140.1 160.4 90.2
Other sectors -2 303.6 -2 511.0 -3 011.1 -1 868.3 -11 480.6 Debt securities -6 686.9 -13 588.1 -2 090.5 -9 771.7 1 804.7 Bonds and notes -6 234.4 -6 610.9 -1 596.2 -10 509.7 2 926.4 General government -1 289.9 1 208.0 -857.1 -1 096.7 -946.4
Banks -4 039.1 -5 384.9 -105.0 -5 030.7 5 781.8
Other sectors -905.4 -2 434.0 -634.1 -4 382.2 -1 908.9
Money market instruments -452.6 -6 977.1 -494.3 738.0 -1 121.7
General government -2.5 9.2 -8.0 -
-Banks 374.1 -2 624.4 -626.4 -185.6 -911.3
Other sectors -824.2 -4 361.9 140.2 923.6 -210.4
Liabilities -2.9 -2.3 0.1 -0.8 1.1
Equity securities -2.9 -2.3 0.1 -0.8 2.5
General government