MACAO ECONOMIC BULLETIN

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MACAO ECONOMIC BULLETIN

This publication is jointly published by the Economic Services, the Statistics and Census Services, and the Monetary Authority of Macao. The Economic

Services prepares and provides the analysis on World Economy and External Trade of Goods and the data in tables I.1, I.2 and II.7 to II.9. The Monetary Authority of Macao prepares and provides the analysis on Money and Finance

and the data in tables VIII.1 to VIII.5. The Statistics and Census Services prepares and provides the remaining analysis and data.

For further information, please contact the Documentation and Information Centre of the Statistics and Census Services.

Reproduction of these data is allowed provided the source is quoted.

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English Version

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Editor : DSEC January 2003, Macao

Typesetting and table design : DSEC

Printing : DSEC

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INDEX

THE WORLD ECONOMY ... 7

ANALYSIS OF THE MACAO ECONOMY I. OVERVIEW... 11

II. MAJOR SEGMENTS OF THE ECONOMY A. EXTERNAL DEMAND 1. EXTERNAL TRADE OF GOODS... 12

2. EXPORTS OF SERVICES... 14

B. PRIVATE CONSUMPTION ... 15

C. INVESTMENTS ... 16

D. PUBLIC ACCOUNTS ... 16

E. MONEY AND FINANCE ... 16

III. CONCLUSION ... 17

STATISTICAL TABLES I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO 1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)... 21

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD)... 22

3. GROSS DOMESTIC PRODUCT OF MACAO ... 22

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO ... 23

II. EXTERNAL TRADE 1. PRINCIPAL STATISTICS OF EXTERNAL TRADE ... 24

2. PRINCIPAL STATISTICS OF IMPORTS ... 25

3. PRINCIPAL STATISTICS OF EXPORTS... 26

4. PRINCIPAL STATISTICS OF DOMESTIC EXPORTS ... 27

5. PRINCIPAL STATISTICS OF RE-EXPORTS ... 28

6. STRUCTURE OF DOMESTIC EXPORTS AND RE-EXPORTS BY MARKET AND TYPE OF GOODS ... 28

7. DOMESTIC EXPORTS OF TEXTILES AND GARMENTS TO THE USA ...29-30 8. DOMESTIC EXPORTS OF TEXTILES AND GARMENTS TO THE EUROPEAN UNION ... 31

9. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES... 32

10. EXPORT PERFORMANCE OUTLOOK OF THE NEXT 6 MONTHS OF SELECTED

MANUFACTURING INDUSTRIES... 32

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III. TOURISM

1. VISITOR ARRIVALS AND HOTEL GUESTS ... 33

2. VISITOR SPENDING PER CAPITA ... 34

IV. PRICES AND CONSUMPTION 1. CONSUMER PRICE INDEX ... 35

2. RETAIL SALES... 35

V. POPULATION, LABOUR AND EMPLOYMENT 1. PRINCIPAL STATISTICS OF POPULATION AND EMPLOYMENT... 36

2. MEDIAN MONTHLY EMPLOYMENT INCOME OF THE EMPLOYED POPULATION ... 36

3. EMPLOYED POPULATION BY INDUSTRY ... 37

4. JOB VACANCIES... 37

5. UNEMPLOYED POPULATION BY INDUSTRY AND REASONS FOR UNEMPLOYMENT ... 38

6. UNDEREMPLOYED POPULATION BY INDUSTRY AND REASONS FOR UNDEREMPLOYMENT... 39

7. NON-RESIDENT WORKERS ... 39

VI. CONSTRUCTION AND REAL ESTATE 1. PRIVATE SECTOR CONSTRUCTION ... 40

2. REAL ESTATE ... 41

3. PUBLIC WORKS ... 41

VII. PUBLIC ACCOUNTS 1. PUBLIC REVENUE AND EXPENDITURE ... 42

2. PUBLIC REVENUE ... 43

3. PUBLIC EXPENDITURE ... 44

4. PUBLIC INVESTMENTS ... 44

VIII. MONEY AND FINANCE 1. MONETARY SURVEY ... 45

2. RESIDENT DEPOSITS ... 46

3. CREDIT TO DOMESTIC PRIVATE SECTOR – SECTORAL DISTRIBUTION... 47

4. EXCHANGE RATES OF THE MACAO PATACA AGAINST MAJOR CURRENCIES ... 47

5. INTEREST RATES OF THE MACAO PATACA... 47

IX. OTHER ECONOMIC INDICATORS 1. NEWLY INCORPORATED COMPANIES AND DISSOLVED COMPANIES ... 48

2. TRANSPORT ... 49

3. COMMUNICATIONS ... 49

4. CONSUMPTION OF WATER, ELECTRICITY, FUELS AND CEMENT... 50

5. DEPARTURES AND OUTBOUND TRAVEL OF MACAO RESIDENTS... 50

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THE WORLD ECONOMY

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In the third quarter of 2002, hazy progress propagated in the global economy. Upbeat readings on economic growth were generally recorded across the world despite the dragging debt problems in the emergent markets like Argentina, Brazil and Turkey as well as the growing tension in the Gulf and the Middle East. Political turmoil took international oil prices to another climb. However, overcapacity stemming from retreating demands remained evident and continued to dent consumer prices.

The latest report in the World Economic Outlook published in September 2002 by the International Monetary Fund pointed out that in the face of the slower-than-expected worldwide recovery, the IMF ramped down its forecasts for the US to 2.2% and the EU to 1.1%, down 0.1ppt and 0.4ppt respectively from the projections in April 2002. On the other hand, forecast for Japan was revised upwards from -1.0% to -0.5%. The IMF held on to its annual anticipation for the global economy to grow at the level of 2.8% in 2002. At the same time, it also scaled down the forecast of the year’s worldwide trade volume (goods and services) from 2.5% to 2.1%.

In the third quarter of 2002, the US economy was laden with hopeful tidings. The Gross Domestic Product (GDP) rose 3.2% year-on-year; the seasonally-adjusted figure expanded to 4.0%

over the second quarter. The main catalyst was the relatively high consumer spending; and the US government appropriately increased expenditure to lure economic growth. Turning to international trade, total export value went up from -6.5% in the second quarter to 1.3%, whereas import value soared by 7.8%. Nevertheless, values of merchandise import and export in the third quarter decelerated after seasonal adjustments, from 8.7% to 1.4% and 4.7% to 2.0% respectively.

Unemployment was eased from 5.9% in the second quarter to 5.7%.

In Europe, revival from the periphery failed to gather strength for the European economy to prop on the same ground as the US counterpart. The stagnant economy of Germany, coupled with shredded corporate investment and battered consumer confidence, cast a cloud over the Euro zone which registered a growth of only 0.8% (0.9% in the 15-nation EU) in the third quarter.

Unemployment stayed high at 8.3%. In Germany, which attributed to one-third of the Euro zone’s GDP, growth accelerated from the 0.3% in the second quarter, and yet it was a muted 0.4%. In another economic arm of the Euro zone – France, GDP contracted from 0.4% in the second quarter to 0.2% in the third quarter. In the UK, on the other hand, fair performance in the service and manufacturing sectors delivered a minor boost to the economy which inched up from 0.6% in the second quarter to 0.8% in the third quarter.

Against the backdrop of a more favourable external environment, the Asian economy showed

signs of general stability. In particular, restored consumer sentiment cushioned the blow of

persisting high unemployment and falling prices in Japan which rebounded 1.7% after five

consecutive quarters in the negative territory. Despite this, pressure on deflation and unemployment

was yet to be lifted. In the third quarter, consumer price index dropped 0.8% on the year and

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unemployment inched up from 5.3% in the previous quarter to 5.4%. In Korea, robust merchandise exports negated the cool-down in domestic demands and the economy grew 5.8% in the third quarter, with unemployment eased further from 2.9% to 2.7%. In Taiwan, GDP expanded from 4.0% in the second quarter to 4.8% in the third quarter, but in another export-driven economy of Singapore, the picture was slightly different. Although GDP increased by 3.9% on the year, the economy was gripped by the dismal manufacturing sector. Seasonal adjustment brought the third quarter GDP to a slide of 10.1% over the second quarter.

In Hong Kong where internal demands remained on the wane, growth in the economy hinged on the solid performance of Mainland China and widened from 0.8% in the second quarter to 3.3%, which was a relatively resilient figure in recent records. Vibrant expansion in the external trade of Mainland China stimulated leaps in merchandise imports which increased from 0.5% in the second quarter to 6.4% and exports which also soared from 2.7% to 8.5%. However, the economy was still dogged by unemployment which improved from 7.7% to 7.4%, but was still considered a disappointing reading. Furthermore, deflation maintained its grip on Hong Kong.

Putting Mainland China in the perspective, exuberant growth induced GDP in the first three

quarters of 2002 to swell by 7.9%. Investment in fixed assets was lured under the central policy to

stimulate internal demands, fuelling by 21.8% in the first three quarters over the same period in

2001. At the same time, foreign direct investment was buoyed by the accession to the World Trade

Organisation. Compared with the same period of 2001, foreign direct investment soared by a

blistering 38.4% in the first three quarters of 2002. Values of merchandise import and export also

went up by 29.3% and 28.8% respectively. Although the drop in consumer price index had slowed,

prices shrank by 0.8% year-on-year in the first three quarters of 2002.

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ANALYSIS OF THE MACAO ECONOMY

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I. Overview

In the third quarter of 2002, the external trade of Macao demonstrated further progress after the improvement in the second quarter. Both merchandise imports and exports registered increases.

Deflationary pressure was yet to be kept in check. Increase in private consumption was muted by the thinning wages. Nevertheless, tourist arrivals remained on the climb and gross gambling receipts continued to soar. The positive effect also split over to the local retail sector. There are rising numbers of private and public construction projects. Investment on machinery and equipment reported substantial gains.

The following is the highlights of the local economic situation in the third quarter of 2002 as compared with the same quarter of 2001:

1. Despite the sustained fall in the exports to the European Union, the US absorption for Macao’s exports rebounded by 0.4%. Together with the burgeoning demands from Mainland China, total export value went up 2.6%. Among this, textile products (excluding clothing) soared by 23.6%.

On the other hand, import value reported further gain, by 11.8%, in which capital goods rose substantially by 36.1% and consumer goods maintained an increase of 20.0%. Raw materials &

semi-manufactures and fuels & lubricants also rebounded by 1.1% and 9.9% respectively. The first visible trade surplus in 2002 was recorded, at MOP47.0 million.

2. Visitor arrivals registered a double-digit increase again, at 12.1%. The influx of visitors from Mainland China remained as the major driving force. Hotel overnight guests increased by 13.6%, pushing the hotel occupancy rate up by 6.4ppt, to 69.7%. Although Mainland Chinese tourists were spending less, overall tourist expenditure was supported at a similar level as the third quarter of 2001 since the fall in Hong Kong tourist spending tapered off and Taiwanese tourists were keeping spending on the rise. Besides, gross gambling receipts (with gratuities) went up 7.3%.

3. The unemployed population was slightly reduced, but the overall unemployment rate inched up by 0.1ppt to 6.4% due to the 3.1% contraction of the labour force. Median monthly employment earnings continued to be thinned and private consumption by local residents was impeded.

Deflation prevailed as falling import prices of consumer goods kept the consumer price index at the low end.

4. The number of units and gross floor area in newly commenced private buildings registered

increases simultaneously. Expenditure on public works also went up. On the other hand, the

number of newly incorporated companies rose by 41.7%. Import of capital goods soared by

36.1%, demonstrating a rising acquisition of machinery and equipment.

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5. In the public accounts, total revenue and expenditure expanded by 7.8% and 12.3% respectively.

Extra revenue came mainly from rising direct tax, among which gambling tax fuelled by 22.1%.

On the other side, total expenditure was drawn up as various current expenditure and public investment items swelled.

II. Major Segments of the Economy

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A. External Demand

1. External Trade of Goods

The external trade value of Macao in the third quarter of 2002 amounted to MOP10.9 billion, up 7.0%. Both imports and exports registered increases. The total value of imports increased 11.8%

to MOP5.4 billion while exports rose 2.6% to MOP5.5 billion. The exports-to-imports ratio stood at 100.9% with the first trade surplus of 2002, at MOP47.0 million.

The two major export markets continued to perform differently. Value of exports to the US was similar to that of the same period in 2001 and slightly rose 0.4%. On the other hand, exports to the European Union declined 12.0% as a result of slackening demands. Analysed by the types of goods exported, the value of textile and garment products, which made up 86.6% of total exports, rose 1.2%. Value of other goods also rose 12.7%.

In the third quarter of 2002, exports increased in the second quarter running. The rise was brought about mainly by a substantial increase in the exports to Mainland China and the strength regained by some markets in absorbing imported goods. As a sign of an improvement in external demands, the upward trend of the imports of goods in the previous quarter extended to the third quarter when growth momentum gathered pace.

Domestic Exports

Domestic exports in the third quarter of 2002 sank 3.0% to MOP4.4 billion, which accounted for 80.0% of the total merchandise exports. Garment and textile products, which accounted for 91.5% of the total domestic exports, declined 2.4%. While domestic exports to the US increased 2.1% in value, those to the European Union dropped 12.9%.

a

Unless otherwise specified, all rates of change are in nominal term and on the year-on-year basis, i.e. comparison of

the third quarter of 2002 with the same quarter of 2001.

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In terms of exports of restricted garment and textile products, the value decreased 0.7%.

Exports of these products to the US posted a rise of 5.7% and those to the European Union fell 13.7%.

On the other hand, exports of unrestricted garment and textile products went down 11.3%. This was brought about by the contractions of 16.6% and 1.8% to the US and the European Union respectively.

In terms of non-textile products, exports of footwear dropped 4.4%, making up 3.5% of the total domestic exports. Exports of machinery, apparatus & parts shrank 26.8%, making up only 1.0% of the total domestic exports.

According to the survey results of selected industries in the third quarter of 2002, the orders on hand of the interviewed manufacturers had in general extended to 3.6 months, up 0.8% year-on-year, but down 8.9% over the second quarter of 2002. At the same time, 33.9% of the interviewed manufacturers expected a minor rise in the local industrial exports in the following six months, while 1.1% of them expected a more substantial upsurge. 64.9% of the interviewed manufacturers, on the other hand, predicted a bleak view.

Re-exports

Re-exports in the third quarter of 2002, making up 20.0% of the total exports, upsurged 34.1%.

Mainland China and Hong Kong continued to be the biggest re-export markets which made up 66.6% and 22.1% of the total re-exports respectively. Re-exports to Mainland China and Hong Kong rose 44.4% and 7.3% respectively.

In terms of the type of goods, raw materials & semi-manufactures, which made up 77.2% of the total re-exports, increased 27.4%. Among the rest of the re-exports, capital goods rose 51.7%, consumer goods and fuels & lubricants increased 51.0% and 119.8% respectively.

Imports

Imports in the third quarter of 2002 went up 11.8%. Being the largest supplier of Macao, imports from Mainland China rose 4.3%, making up 43.5% of the total imports. Among other markets, growth was registered in Hong Kong (+15.7%), the European Union (+4.0%), Taiwan (+30.5%), Japan (+33.0%) and the US (+25.0%).

In terms of the type of goods, raw materials & semi-manufactures were the main imports

which increased 1.1% over the third quarter of 2001, making up 43.1% of the total imports.

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Consumer goods increased 20.0% and made up 36.5% of the total imports. Capital goods and fuels

& lubricants went up 36.1% and 9.9% respectively.

2. Exports of Services

The continuous growth of visitor arrivals delivered a boost to the hotel sector in which the occupancy rate kept climbing. Per-capita tourist spending remained at a similar level as the same quarter of 2001.

Visitor Arrivals

A double-digit increase of 12.1% was recorded for visitor arrivals, with Mainland Chinese tourists (+35.7%) leading the surge. After the relapse in the first two quarters, Hong Kong tourists inched up by 0.1% in the third quarter. Taiwanese tourists also showed a lucid increase of 9.3%.

Analysed by mode of transport, arrivals by land (42.2% of total arrivals) registered the highest increase, at 16.0%. This was followed by arrivals by sea (49.9% of total arrivals) and air, which rose 9.6% and 7.8% respectively.

Hotels

As the number of visitor arrivals surged, the hotels in Macao benefited with overnight guests increasing by 13.6%. The overall occupancy rate hovered to 69.7%, up 6.4ppt. Three-star hotels remained the most popular with a high occupancy rate of 81.1%. The average length of stay of visitors was reduced by 0.1 night, to 1.2 nights.

Visitor Spending

Visitors’ per-capita spending (gambling spending excluded) was recorded at MOP1,405, a level similar to that of the same quarter in 2001. Per-capita spending by Taiwanese tourists kept rising, by 8.9%. On the other hand, per-capita spending by Mainland Chinese and Hong Kong tourists dropped by 8.0% and 0.1%. Nevertheless, the former still topped the list with the highest per-capita spending among tourists from the three places, at MOP2,440. Triggered by larger spending on outbound transport (+12.8%), entertainment & others (+12.2%), and accommodation (+11.2%), per-capita spending on non-shopping items expanded by 7.3%; whereas per-capita spending on shopping items declined by 12.0%. Gross gambling receipts (with gratuities) went up 7.3%.

The tourist price index, which reflects the price changes of goods and services purchased by

inbound tourists, edged up 0.7%. More lucid increases were registered in miscellaneous goods

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(+5.9%) and accommodation (+1.3%), while clothing & footwear (-6.8%) and food, alcoholic drinks & tobacco (-0.6%) recorded relatively larger falls in prices.

B. Private Consumption

Consumer prices kept abating, with the labour market and wage level yet to be improved. The influx of tourists was bringing a lift to the retail sector.

Consumption and Prices

Import prices of consumer goods was kept low and the effect of the weak US currency before had not surfaced at the full extent. Although the fall in local rent and housing expenses narrowed, prices of most of the other consumer goods and services were suppressed. Among them, clothing &

footwear dropped the most (-12.2%); household goods, rent & housing expenses, and foodstuffs &

beverages also declined by 3.6%, 2.7% and 2.5% respectively.

The tourism boom pushed the retail sector forwards in the third quarter when total retail sales grew 8.9% to MOP1.3 billion, in which adult clothing posted the highest growth of 46.9%. Watches

& jewellery and motor vehicles also rose by 27.1% and 19.8%.

Labour Market

In the third quarter, the unemployed population was reduced by 1.8%, but due to the 3.1%

contraction of the labour force, unemployment rate inched up by 0.1ppt, to 6.4%. Analysed by the previously engaged industry, most of the unemployed came from manufacturing (22.2%) and construction (20.7%). The employed population, on the other hand, dropped by 3.2% (6.6 thousand) as a result of a notable decrease of 23.6% (3.6 thousand) in the number of employees in transport, storage & communications. The employed population in construction and manufacturing also shrank by 10.7% (1.8 thousand) and 6.4% (2.9 thousand) respectively, whereas expansions were registered in public administration, defence & compulsory social security (+7.0% or 1.2 thousand) and wholesale & retail (+4.9% or 1.4 thousand). The underemployment rate edged up by 0.2ppt, to 3.4%.

Wages continued to be trimmed as the median monthly employment earnings reduced further by 1.3%. As contrary to the pay rises in financial services (+12.3%) and transport, storage &

communications (+5.5%), construction and real estate, renting & business activities experienced

cuts of 12.5% and 4.8% respectively.

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C. Investments

In the third quarter, there are 17 new buildings started, with the gross floor area of 82 thousand m², a magnification of 1.7 times. The total number of units amounted to 898. The expansionary investment on public projects by the government saw expenditure on public works on the rise by 82.2% in the third quarter.

On the business investment front, there are altogether 316 newly incorporated companies in the third quarter, up 41.7%. Among them, 121 were engaged in wholesale & retail (38.3% of the total), 62 in business services (19.6% of the total) and 36 in real estate (11.4% of the total). The total registered capital stoked up by 95.1%, to MOP80 million. Number of dissolved companies increased by 44.0% to 36 companies, 12 of which had previously engaged in wholesale & retail.

In the acquisition of machinery and equipment, imports of capital goods carried on with the upward trend of the second quarter and rose sharply by 36.1% in the third quarter.

D. Public Accounts

In the public accounts of the third quarter of 2002, total revenue increased by 7.8% as direct tax went up 10.7%. Indirect tax, on the other hand, decreased by 2.5%. Revenue from gambling tax fuelled by 22.1%. On the expenditure side, both current and capital expenditure posted rises, bringing total expenditure up by 12.3%.

E. Money and Finance

At the end of September 2002, the narrow money supply (M1), which includes currency in circulation plus demand deposits, increased 17.4%. Among this, currency in circulation rose 6.9%

and demand deposits surged 23.2%. At the same time, the broad money supply (M2), which includes M1 and quasi-monetary liabilities, also increased 6.8%. In particular, quasi-monetary liabilities, which accounted for about 94.0% of M2, rose 6.2%. In terms of currency structure, the share of pataca stood at 60.7% in M1 and 28.1% in M2, down 1.34ppt and 0.55ppt over September 2001, respectively.

On the other side of the monetary survey, domestic credit balance still stayed at a low level,

dropping 17.2% at the end of September. Credit to the domestic private sector contracted 6.1%,

whereas net credit to the public sector fell 35.9% as a result of the sector’s rising deposit. Net

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foreign assets held by the Monetary Authority of Macao (AMCM) and the other monetary institutions both stayed on the upward trend, rising 6.2% and 17.5% respectively.

Resident deposits went up 6.8%, at MOP93.7 billion. Among this, foreign currency deposits (except Hong Kong dollar) registered the greatest increase of 10.2%; followed by HKD deposits, which also increased by 6.7%

Since the pataca is indirectly pegged to the US dollar under the present currency system, interest rates in pataca are normally adjusted to be in line with those in the US in order to maintain stability in the currency link. The Federal Open Market Committee (FOMC) kept rate unchanged as the US recovery was not as rapid as expected in the first three quarters of the year. The Macao Association of Banks kept the reference rate for saving deposit at 0.125%.

The exchange rate of the pataca largely moved in line with the US dollar exchange rate.

Generally, the pataca depreciated against most of the major currencies on the back of the weak US dollar. In particular, its exchange rate against the Euro dropped 10.4%, while those against the Australia dollar and New Zealand dollar fell 6.6% and 12.4% respectively.

III. Conclusion

In the third quarter of 2002, the protracted expansion of demands from Mainland China and

the rebounded absorption of the US acted as the main drivers for the lucid growth of Macao’s

merchandise exports. Tourism and gaming sector remained as the economy’s bright spot upon

which service exports demonstrated strengthening performance. Although the labour market and

private consumption was still in wait for a leap, private and public construction projects kept

increasing. Gradual development of the Macao’s economy was underpinned by the construction

works generated by the government’s large-scaled public investment and the gaming industry.

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STATISTICAL TABLES

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SYMBOLS AND ABBREVIATIONS

.. Not applicable

r Rectified data

- Absolute value equals zero

… Not available

~ No figure provided

o Less than half of the unit employed

TEU Twenty-foot Equivalent Unit (20 feet × 8 feet × 8 feet)

Notes: Due to rounding, the totals may not correspond to the sum of the partial figures.

The figures presented are subject to regular revisions as and when required.

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

1. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (YEAR-ON-YEAR COMPARISON)

Year-on-year rate of change (%)

2001 2001 2002 2002 2002

Q3 Q4 Q1 Q2 Q3

USA

　Gross Domestic Product 4.2 4.1 1.2 -0.4 0.1 1.4 2.2 3.2

　Exports of goods 2.0 12.4 -6.5 -13.0 -14.0 -15.1 -6.5 1.3

　Imports of goods 12.4 18.9 -6.2 -10.9 -13.8 -12.0 1.2 7.8

　Consumer Price Index 2.2 3.4 2.8 2.7 2.1 1.3 1.3 1.6

　Unemployment rate 4.2 4.0 4.8 4.8 5.6 5.6 5.9 5.7

Japan

　Gross Domestic Product 0.7 2.4 -0.5 -0.6 -2.4 -1.6 -0.6 1.7

　Exports of goods -6.1 8.6 -5.1 -8.7 -10.9 -3.1 5.7 7.4

　Imports of goods -3.8 16.1 3.6 -0.4 -8.7 -8.4 -4.4 2.0

　Consumer Price Index -0.3 -0.7 -0.4 -0.7 -0.9 -1.4 -0.9 -0.8

　Unemployment rate 4.7 4.7 5.0 5.1 5.4 5.3 5.3 5.4

Euro area

　Gross Domestic Product 2.5 3.4 1.5 1.3 0.4 0.3 0.6 0.8

　Exports of goods 4.4 20.8 5.0 1.8 -3.6 -1.9 1.9 2.8

　Imports of goods 9.7 27.8 -2.0 -3.3 -12.5 -8.8 -4.9 -3.5

　Consumer Price Index 1.1 2.3 2.6 2.7 2.1 2.6 2.1 2.0

　Unemployment rate 9.9 8.9 8.5 8.4 8.4 8.4 8.2 8.3

Mainland China

　Gross Domestic Product ª 7.1 8.0 7.3 7.6 7.3 7.6 8.0 7.9

　Exports of goods 6.1 27.8 6.8 3.9 6.4 9.9 17.8 28.8

　Imports of goods 18.2 35.8 8.2 6.5 0.4 5.1 15.0 29.3

　Consumer Price Index ª -1.4 0.4 0.7 1.0 0.7 -0.6 -1.1 -0.8

Hong Kong

　Gross Domestic Product 3.4 10.2 0.6 -0.3 -0.9 -0.5 0.8 3.3

　Exports of goods 0.1 16.6 -5.8 -7.2 -12.0 -6.2 2.7 8.5

　Imports of goods -2.5 19.0 -5.4 -6.6 -13.4 -9.1 0.5 6.4

　Consumer Price Index -4.0 -3.8 -1.6 -1.1 -2.1 -2.7 -3.2 -3.5

　Unemployment rate 6.2 4.9 5.1 5.3 6.1 7.0 7.7 7.4

a Accumulated year-on-year comparison Source: U.S. Bureau of Economic Analysis U.S. Census Bureau

U.S. Bureau of Labor Statistics

Japan Economic and Social Research Institute Japan Ministry of Finance

Japan Bureau of Statistics Eurostat

China National Bureau of Statistics

Hong Kong SAR Census and Statistics Department

1999 2000 2001

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I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

2. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD (COMPARISON WITH PRECEDING PERIOD)

Change from preceding period (seasonally adjusted) (%)

2001 2001 2002 2002 2002

Q3 Q4 Q1 Q2 Q3

USA

　Gross Domestic Product 4.2 3.8 0.3 -0.3 2.7 5.0 1.3 4.0

　Exports of goods 2.0 12.4 -6.5 -6.3 -3.4 -1.4 4.7 2.0

　Imports of goods 12.4 18.9 -6.2 -4.5 -4.0 1.8 8.7 1.4

　Consumer Price Index 2.2 3.4 2.8 0.2 -0.1 0.4 0.8 0.5

　Unemployment rate 4.2 4.0 4.8 4.8 5.6 5.6 5.9 5.7

Japan

　Gross Domestic Product 0.7 2.4 -0.5 -0.6 -1.2 1.4 0.6 0.7

　Exports of goods -6.1 8.6 -5.1 -5.1 -0.7 7.2 4.5 -3.5

　Imports of goods -3.8 16.1 3.6 -7.1 -1.4 0.8 2.4 0.5

　Consumer Price Index -0.3 0.7 -0.4 -0.3 -0.3 -0.1 0.0 -0.1

　Unemployment rate 4.7 4.7 5.0 5.1 5.4 5.3 5.3 5.4

Hong Kong

　Gross Domestic Product 3.4 10.2 0.6 0.1 0.0 0.2 0.7 2.5

　Exports of goods 0.1 16.6 -5.8 1.0 -6.9 5.7 3.5 4.9

　Imports of goods -2.5 19.0 -5.4 1.6 -8.1 3.1 5.4 6.1

　Consumer Price Index -4.0 -3.8 -1.6 -0.1 -0.4 -0.4 -0.2 -0.2

　Unemployment rate 6.2 4.9 5.1 5.3 6.1 7.0 7.7 7.4

Source: U.S. Bureau of Economic Analysis U.S. Census Bureau

U.S. Bureau of Labor Statistics

Japan Economic and Social Research Institute Japan Ministry of Finance

Japan Bureau of Statistics

Hong Kong SAR Census and Statistics Department

3. GROSS DOMESTIC PRODUCT OF MACAO

1997 1998 1999 2000 2001 Gross Domestic Product (at current prices, MOP billion) 55.9 51.9 49.0

^r

49.7

^r

49.8 Nominal growth rate (%) 1.1 -7.1 -5.6

^r

1.5 0.1

Real growth rate (%) -0.3 -4.6 -3.0 4.6 2.1

GDP per capita (at current prices, MOP thousand) 133.9

^r

122.9

^r

114.7

^r

115.5

^r

114.7 1999 2000 2001

(23)

I. PRINCIPAL ECONOMIC INDICATORS OF THE WORLD AND MACAO

4. PRINCIPAL ECONOMIC INDICATORS OF MACAO

2002

2002 2001 2001 2002 2002 2002 Q3

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 year-on-year

% change A. External trade (MOP million)

Total exports 17 580 20 380 18 473 13 957 5 308 4 649 3 597 4 912 5 448 2.6

Textiles and garments 14 728 16 804 15 504 11 723 4 661 3 945 2 902 4 103 4 718 1.2

Other products 2 852 3 576 2 969 2 234 647 703 695 809 730 12.7

Total imports 16 300 18 098 19 170 15 127 4 829 4 733 4 222 5 503 5 401 11.8

Trade balance 1 280 2 283 -697 -1 170 479 -85 -625 -591 47 -90.3

B. Tourism

No. of visitor arrivals (thousands) 7 443.9 9 162.2 10 279.0 8 490.1 2 689.2 2 580.1 2 673.0 2 803.9 3 013.3 12.1

Average length of stay of visitors (days) 1.4 1.3 1.3 … 1.3 1.2 1.1 1.1 1.2 -0.1^a

Visitor spending per capita (MOP) 1 373 1 367 1 389 … 1 426 1 343 1 357 1 370 1 405 -1.5

Hotel occupancy rate (%) 53.7 57.6 60.7 66.0 63.3 64.2 62.0 66.4 69.7 6.4^b

C. Construction and real estate

Expenditure on public works (MOP million) 785.3 484.9 533.8 238.7 77.5 418.3 35.0 62.6 141.2 82.2 Private sector construction

　　 Buildings started - gross floor area 417 203 158 98 30 23 12 4 82 169.9

(thousand m²)

　　 Buildings completed - gross floor area 669 370 404 92 112 73 7 45 41 -63.7

(thousand m²)

No. of units sold 11 039 10 211 27 016 15 639 6 325 16 482 5 076 6 167 4 396 -30.5

D. Transport

　 Seaborne containerised cargo (tonnes) 331 450 344 957 330 632 259 315 86 922 83 685 67 921^r 93 177 98 217 13.0 　 Containerised land cargo (tonnes) 95 746 94 685 67 203 69 357 13 793 17 612 12 847 22 497 34 013 146.6 　 Air cargo (tonnes) 53 115.8 68 027.5 76 070.3 73 233.0 17 402.3 26 205.0 22 107.7 27 429.6 23 695.7 36.2 E. Prices and consumption

Inflation rate (%) -3.2 -1.6 -2.0 -2.9 -1.8 -3.0 -2.8 -3.2 -2.8 ..

Consumer Price Index 101.1 99.5 97.5 95.1 97.5 96.2 95.6 94.9 94.8 -2.8

Retail sales turnover (MOP million) ∼ 4 594 4 833 3 789 1 188 1 302 1 285 1 210 1 294 8.9

F. Employment

Unemployment rate (%)^c 6.3 6.8 6.4 .. 6.3 6.5 6.3 6.2 6.4 0.1^b

Median monthly employment earnings^c 4.9 4.8 4.7 .. 4.7 4.6 4.8 4.6 4.6 -1.3

(MOP thousand)

Non-resident workers in Macao (period-end) 32 183 27 221 25 925 .. 26 292 25 925 24 493 23 738 23 242 -11.6 G. Public accounts (MOP million)

Total revenue 16 942.6^d 15 338.5^d 15 641.6^d 7 872.3ê 2 570.3ê 2 560.1ê 2 482.8ê 2 618.7ê 2 770.8ê 7.8 Revenue from gambling tax 4 767.2 5 646.5 6 292.9 5 607.9 1 576.6 1 622.9 1 767.7 1 915.2 1 925.0 22.1 Total expenditure 16 636.2^d 15 024.3^d 15 220.8^d 5 416.6ê 1 963.5ê 3 720.8ê 1 650.2ê 1 560.7ê 2 205.7ê 12.3 H. Money and finance

(period-end values, MOP million)

　 Narrow money supply (M1) ^f 5 363.2^r 4 945.4^r 5 916.7^r 6 090.0 5 185.4^r 5 916.7^r 6 153.1^r 6 497.4^r 6 090.0 17.4 　 Broad money supply (M2) 86 096.3^r 84 917.9^r 91 550.0^r 95 658.6 89 527.1^r 91 550.0^r 93 631.7^r 95 695.7^r 95 658.6 6.8 　 Credit to domestic private sector 42 020.1 39 035.8 36 290.9 35 085.7 37 365.0 36 290.9 35 026.2 36 105.5 35 085.7 -6.1 　 Net foreign assets 59 120.2 74 975.5 85 222.4 93 011.4 82 438.9 85 222.4 88 653.9 91 302.9 93 011.4 12.8 I. Others

　No. of newly incorporated companies 439 716 883 881 223 270 244 321 316 41.7

　No. of dissolved companies 69 111 90 78 25 24 19 23 36 44.0

　Consumption of electricity (million kwh) 1 528.8 1 572.8 1 602.0 1 310.3 489.5 375.7 327.7 469.0 513.6 4.9 Note: The external trade statistics of 2002 are subject to revisions later on.

a Days b Percentage points

c Employment data before 2002 have been adjusted according to the results of the Census 2001.

d The specific accounts are included.

e The specific accounts are not included.

f In January 2001, the definition of M1 was revised by the Monetary Authority of Macao to include only the currency in circulation and demand deposits, and the savings deposits become part of the quasi monetary liabilities.

1999 2000 2001

(24)

II. EXTERNAL TRADE

1. PRINCIPAL STATISTICS OF EXTERNAL TRADE

2002 2001 2001 2002 2002 2002

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. Total imports MOP million 16 300 18 098 19 170 15 127 4 829 4 733 4 222 5 503 5 401

y-on-y % change 4.5 11.0 5.9 4.8 2.3 -3.2 -1.9 3.8 11.8

B. Total exports MOP million 17 580 20 380 18 473 13 957 5 308 4 649 3 597 4 912 5 448

y-on-y % change 2.9 15.9 -9.4 1.0 -11.5 -9.1 -1.2 0.7 2.6

　1. Domestic exports MOP million 15 044 17 081 15 128 10 822 4 495 3 739 2 803 3 661 4 358

y-on-y % change 0.9 13.5 -11.4 -5.0 -12.1 -11.1 -3.6 -8.2 -3.0

　2. Re-exports MOP million 2 536 3 300 3 345 3 135 813 909 794 1 251 1 090

y-on-y % change 16.3 30.1 1.4 28.7 -8.0^r 0.6 8.4 40.4 34.1

C. Trade balance ^a MOP million 1 280 2 283 - 697 -1 170 479 -85 -625 -591 47 y-on-y % change -13.9 78.4 -130.5 -90.9 -62.5^r -138.3 5.9 -38.5 -90.3

D. Exports/Imports ratio ^b 107.9 112.6 96.4 92.3 109.9 98.2 85.2 89.3 100.9

E. External trade index (1996=100) 　1. Imports

　　Value index index 98.7 112.9 120.3 126.0 121.3 118.8 105.9 136.6 135.6

y-on-y % change 0.8 14.4 6.6 4.3 2.4 -3.3 -2.0 2.6 11.8

　　Unit value index index 96.3 100.7 97.3 94.0 96.7 94.5 96.1 92.4 93.6

y-on-y % change -2.2 4.6 -3.4 -4.3 -3.6 -9.8 -3.6 -6.2 -3.2

　　Quantum index index 102.5 112.1 123.6 134.1 125.4 125.8 110.2 147.9 144.9

y-on-y % change 3.1 9.4 10.3 9.1 6.2 7.3 1.7 9.4 15.6

　2. Exports

　　Value index index 110.6 128.2 116.2 117.3 133.4 117.0 91.2 123.6 137.1

y-on-y % change 2.9 15.9 -9.4 1.2 -11.5 -9.1 -0.4 0.7 2.8

　　Unit value index index 99.3 101.4 97.3 92.8 95.4 96.5 98.0 90.9 89.6

y-on-y % change -1.3 2.1 -4.0 -4.8 -1.0 -4.5 -3.4 -5.1 -6.1

　　Quantum index index 111.4 126.4 119.4 126.4 139.8 121.2 93.1 136.0 153.0

y-on-y % change 4.3 13.5 -5.5 6.3 -10.6 -4.8 3.1 6.2 9.4

　3. Terms of trade index ^c index 103.1 100.7 100.0 98.7 98.7 102.1 102.0 98.4 95.7

y-on-y % change 0.9 -2.3 -0.7 -0.5 2.7 5.9 0.3 1.1 -3.0

Note: The external trade statistics of 2002 are subject to revisions later on.

a Trade balance = Total exports - Total imports

b Exports / Imports ratio = Total exports / Total imports × 100

c Terms of trade index = Unit value index of exports / Unit value index of imports × 100 1999 2000 2001

(25)

II. EXTERNAL TRADE

2. PRINCIPAL STATISTICS OF IMPORTS

2002 2001 2001 2002 2002 2002 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Total imports MOP million 16 300 18 098 19 170 15 127 4 829 4 733 4 222 5 503 5 401 100.0

y-on-y % change 4.5 11.0 5.9 4.8 2.4 -3.2 -1.9 3.8 11.8

1. Origin

Mainland China MOP million 5 809 7 429 8 165 6 284 2 247 2 044 1 569 2 367 2 349 43.5

y-on-y % change 14.1 27.9 9.9 2.7 12.4 -1.4 -3.5 5.3 4.5

Hong Kong MOP million 2 945 2 758 2 660 2 203 650 747 617 834 752 13.9

y-on-y % change -20.3 -6.3 -3.6 15.1 -1.6 7.5 15.1 14.7 15.7

Taiwan MOP million 1 550 1 720 1 278 995 295 314 213 397 385 7.1

y-on-y % change 0.8 10.9 -25.7 3.2 -30.6 -20.2 -23.7 1.8 30.5

Japan MOP million 1 084 1 142 1 041 972 253 255 293 342 336 6.2

y-on-y % change -10.3 5.3 -8.8 23.6 -17.6 -13.8 9.9 28.4 33.0

European Union MOP million 2 103 1 738 2 412 1 764 589 549 572 578 613 11.4

y-on-y % change 28.1 -17.3 38.8 -5.3 14.8 11.6 0.7 -18.0 4.0

USA MOP million 831 820 797 678 172^r 176 243 220 215 4.0

y-on-y % change 13.3 -1.3 -2.8 9.3 -13.3 -33.0 4.4 2.2 25.0

2. Type of goods

Consumer goods MOP million 4 340 5 318 6 296 5 312 1 641 1 763 1 503 1 840 1 969 36.5

y-on-y % change 7.9 22.5 18.4 17.2 11.2 13.2 16.8 14.5 20.0

Foodstuffs, beverages MOP million 1 469 1 745 2 245 1 711 605^r 577 549 541 621 11.5

and tobacco y-on-y % change -3.6 18.7 28.7 2.6 23.1 10.9 1.9 3.2 2.7

Clothing and footwear MOP million 1 525 2 018 2 368 1 995 636 683 477 763 755 14.0

y-on-y % change 38.3 32.4 17.3 18.4 14.6 14.0 34.9 9.7 18.6

Motor vehicles MOP million 383 482 555 449 134 153 127 159 163 3.0

y-on-y % change -9.5 25.9 15.1 11.6 10.4 -1.9 -9.1 24.0 21.5

Raw materials and MOP million 8 781 9 430 8 891 6 566 2 301^r 2 086^r 1 695 2 544 2 327 43.1 semi-manufactures y-on-y % change -3.2 7.4 -5.7 -3.5 -2.2^r -12.8^r -11.4 -1.8 1.1

Textile materials MOP million 6 454 7 324 6 845 4 942 1 815 1 562 1 238 1 972 1 731 32.1

y-on-y % change -4.4 13.5 -6.5 -6.5 1.1 -13.7 -10.7 -5.2 -4.7

Construction materials MOP million 240 179 180 142 35 46 44 47 51 0.9

y-on-y % change -22.7 -25.6 0.8 5.5 -29.9^r -4.5^r -3.7 -12.4 44.7

Fuels and lubricants MOP million 1 012 1 371 1 500 1 080 387 373 309 346 425 7.9

y-on-y % change 2.3 35.5 9.4 -4.2 3.3 -2.9 -11.8 -11.5 9.9

Capital goods MOP million 2 167 1 978 2 483 2 169 500 513 716 774 680 12.6

y-on-y % change 43.0 -8.7 25.5 10.1 -3.0 -8.0 -5.2 8.2 36.1

1999 2000 2001

(26)

II. EXTERNAL TRADE

3. PRINCIPAL STATISTICS OF EXPORTS

2002 2001 2001 2002 2002 2002 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Total exports MOP million 17 580 20 380 18 473 13 957 5 308 4 649 3 597 4 912 5 448 100.0

y-on-y % change 2.9 15.9 -9.4 1.0 -11.5 -9.1 -1.2 0.7 2.6

1. Destination

USA MOP million 8 249 9 837 8 907 6 730 2 807 2 253 1 699 2 212 2 819 51.7

y-on-y % change 1.3 19.2 -9.5 1.2 -8.9 -8.7 5.1 -0.8 0.4

European Union MOP million 5 304 5 790 4 916 3 206 1 356 1 195 836 1 177 1 193 21.9

y-on-y % change 1.8 9.2 -15.1 -13.9 -15.5 -13.6 -12.3 -16.7 -12.0

Mainland China MOP million 1 617 2 073^r 2 155 2 230 518 672 565 899 765 14.1

y-on-y % change 39.7 28.3^r 3.9 50.4 -6.6 14.3 38.9 61.4 47.6

Hong Kong MOP million 1 195 1 330 1 178 837 304 235 215 318 303 5.6

y-on-y % change -8.1 11.3 -11.5 -11.2 -9.9 -22.2 -28.7 -5.5 -0.1

Taiwan MOP million 214 171 148 99 37 46 34 24 40 0.7

y-on-y % change -14.7 -20.0 -13.8 -2.8 -28.1 5.0 -10.5 -6.2 7.5

Japan MOP million 112 125 117 84 31 26 26 25 32 0.6

y-on-y % change -2.1 11.6 -6.1 -8.5 13.1 -22.5 -12.0 -16.6 2.6

2. Type of goods

Clothing MOP million 12 924 14 623 13 202 9 608 4 071 3 307 2 395 3 224 3 989 73.2

y-on-y % change -0.9 13.1 -9.7 -2.9 -9.0 -8.3 1.7 -7.1 -2.0

Knitted MOP million 7 578 8 260 7 623 5 808 2 504 1 910 1 354 1 890 2 564 47.1

y-on-y % change -0.5 9.0 -7.7 1.7 -6.0 -4.3 9.1 -3.9 2.4

Woven MOP million 5 347 6 363 5 579 3 800 1 566 1 397 1 041 1 334 1 425 26.2

y-on-y % change -1.5 19.0 -12.3 -9.2 -13.6 -13.2 -6.5 -11.2 -9.0

Other textile products MOP million 1 804 2 181 2 302 2 115 589 639 507 879 729 13.4

y-on-y % change 29.3 20.9 5.5 27.1 4.5 24.2 24.8 31.6 23.6

Machines, apparatus and MOP million 659 889 556 360 102 109 96 150 114 2.1

parts y-on-y % change 9.6 34.9 -37.5 -19.5 -62.9 -60.9 -56.1 18.4 12.1

Footwear MOP million 503 641 646 510 162 165 161 192 157 2.9

y-on-y % change 31.2 27.4 0.8 6.1 7.7 -1.0 8.5 12.9 -3.1

1999 2000 2001

(27)

II. EXTERNAL TRADE

4. PRINCIPAL STATISTICS OF DOMESTIC EXPORTS

2002 2001 2001 2002 2002 2002 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Domestic exports MOP million 15 044 17 081 15 128 10 822 4 495 3 739 2 803 3 661 4 358 100.0

y-on-y % change 0.9 13.5 -11.4 -5.0 -12.1 -11.1 -3.6 -8.2 -3.0

1. Destination

USA MOP million 8 213 9 716 8 830 6 680 2 793 2 240 1 683 2 195 2 803 64.3

y-on-y % change 1.2 18.3 -9.1 1.4 -8.1 -7.6 6.0 -0.7 0.3

European Union MOP million 5 258 5 739 4 887 3 187 1 347 1 190 830 1 173 1 184 27.2

y-on-y % change 1.5 9.1^r -14.9 -13.8 -21.1^r -13.2 -11.9 -16.7 -12.1

Mainland China MOP million 136 125 80 97 16 19 29 28 40 0.9

y-on-y % change 80.1 -8.6 -35.4 59.1 -50.5 -25.0 30.2 23.7 149.2

Hong Kong MOP million 471 433 305 149 79^r 62 43 44 62 1.4

y-on-y % change -0.7 -8.1 -29.6 -38.7 -30.1 -39.5 -47.6 -46.7 -21.3

Taiwan MOP million 192 142 130 85 33 42 31 20 35 0.8

y-on-y % change -11.5 -26.3 -8.0 -3.9 -19.5 6.1 -7.7 -9.5 3.4

　　 Japan MOP million 107 121 114 80 30 25 26 24 30 0.7

y-on-y % change 1.9 13.6 -5.7 -10.6 13.8 -21.5^r -12.4 -19.3 -0.5

2. Type of goods

Clothing MOP million 12 911 14 612 13 171 9 553 4 059 3 294 2 373 3 212 3 967 91.0

y-on-y % change -0.7 13.2 -9.9 -3.3 -9.2 -8.6 0.9 -7.3 -2.3

Knitted MOP million 7 569 8 253 7 606 5 783 2 499 1 902 1 345 1 883 2 554 58.6

y-on-y % change -0.3 9.0^r -7.8 1.4 -6.1 -4.7 8.5 -4.2 2.2

Woven MOP million 5 342 6 358 5 564 3 770 1 560 1 392 1 028 1 329 1 413 32.4

y-on-y % change -1.4 19.0 -12.5 -9.7 -13.8 -13.4 -7.6 -11.4 -9.4

Other textile products MOP million 327 243 106 66 28 24 25 19 22 0.5

y-on-y % change 40.6 -25.8 -56.4 -20.1 -50.7 -19.5 83.8 -53.0 -22.8

Machines, apparatus and MOP million 337 418 261 132 58 42 40 50 43 1.0

parts y-on-y % change -13.2 24.1 -37.6 -39.6 -57.7 -64.6 -57.8 -24.8 -26.8

Footwear MOP million 494 634 637 501 159 163 158 191 152 3.5

y-on-y % change 30.9 28.3 0.4 5.9 7.3 -1.3 8.6 13.2 -4.4

1999 2000 2001

(28)

5. PRINCIPAL STATISTICS OF RE-EXPORTS

2002 2001 2001 2002 2002 2002 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

Re-exports 2 536 3 300 3 345 3 135 813 909 794 1 251 1 090 100.0

16.3 30.1 1.4 28.7 -8.0 0.6 8.4 40.4 34.1

1. Destination

Mainland China 1 480 1 949^r 2 075 2 133 502 653 536 872 725 66.6

36.9 31.7^r 6.4^r 50.0 -3.9^r 16.1 39.4 63.0 44.4

Hong Kong 724 897 873 688 224 174 172 274 241 22.1

-12.4 23.9 -2.7 -1.6 0.3 -13.5 -21.6 7.8 7.3

USA 36 121 77 50 14 14 16 17 17 1.5

30.2 236.8 -36.1 -21.1 -66.0 -70.2 -44.4 -14.2 16.1

2. Type of goods

Consumer goods 260 212 260 275 60 76 93 91 91 8.3

-13.9 -18.8 22.9 49.6 25.2 28.7 45.9 52.3 51.0

Foodstuffs, beverages 119 43 59 38 11 14 12 12 15 1.3

and tobacco -8.7 -63.5 36.1 -15.5 9.5 13.5 -34.6 -28.3 36.0

Raw materials and 1 854 2 399 2 609 2 412 660 722 589 981 841 77.2

semi-manufactures 21.3 29.4 8.7 27.8 6.2 17.1 18.5 34.4 27.4

Textile materials 1 471 1 935 2 192 2 046 561 614 480 859 707 64.9

27.2 31.5 13.3 29.6 11.0 27.0 22.6 37.3 26.0

Fuels and lubricants 63 138 108 143 26 28 36 51 57 5.2

-3.9 117.3 -21.4 79.0 -49.2 -28.9 24.7 99.4 119.8

Capital goods 358 551 368 305 67 83 75 128 101 9.3

26.5 54.0 -33.2 7.2 -59.1 -55.8 -46.9 69.6 51.7

6. STRUCTURE OF DOMESTIC EXPORTS AND RE-EXPORTS BY MARKET AND TYPE OF GOODS

1^st quarter to 3^rd quarter (%)

2001 2002 2001 2002 2001 2002 2001 2002 2001 2002

A. Domestic exports

　　Clothing 93.4 96.4 85.6 83.0 22.2 10.2 25.9 31.7 51.5 50.8

　　　Knitted 56.2 62.3 45.0 42.5 15.7 8.1 14.5 19.0 40.9 40.4

　　　Woven 37.3 34.0 40.6 40.5 6.5 2.1 11.4 12.6 10.6 10.4

　　Other textile products 0.7 0.2 0.0 0.0 22.8 36.3 8.4 13.3 0.0 0.0

　　Machines, apparatus and parts 1.5 0.6 0.8 0.6 0.2 0.1 12.3 5.3 8.5 7.7

　　Footwear 0.0 0.1 11.1 13.8 0.0 0.1 0.7 1.0 13.1 2.1

　　Others 4.3 2.7 2.5 2.6 54.8 53.4 52.8 48.8 26.8 39.4

　　Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

B. Re-exports

　　Consumer goods 18.4 18.1 11.1 12.5 3.5 3.5 14.7 24.7 17.6 20.6

　　　Foodstuffs, beverages and tobacco 0.1 0.3 0.4 0.0 0.7 0.3 3.6 3.2 5.0 11.4

　　Raw materials and semi-manufactures 25.5 46.7 77.3 61.7 86.7 87.9 76.4 64.6 59.0 38.5

　　　Textile materials 0.6 0.1 8.7 0.2 78.1 79.9 60.3 45.9 31.1 17.5

　　Fuels and lubricants 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.1 0.0

　　Capital goods 56.1 35.1 11.5 25.8 9.7 8.3 8.9 10.7 23.3 40.8

　　Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

1999 2000 2001

MOP million

MOP million y-on-y % change

MOP million

y-on-y % change MOP million y-on-y % change

Mainland China Hong Kong Taiwan

MOP million

European Union y-on-y % change

USA y-on-y % change

y-on-y % change

MOP million

(29)

II. EXTERNAL TRADE

7. DOMESTIC EXPORTS OF TEXTILES AND GARMENTS TO THE USA

1/2

2002 2001 2001 2002 2002 2002

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. Exports of textiles and garments 7 778.8 9 110.4 8 352.3 6 447.3 2 701.9 2 147.1 1 617.7 2 071.0 2 758.6 (MOP million)

1. Restricted products 6 416.3 7 260.2 6 805.1 5 464.2 2 266.7 1 753.1 1 278.5 1 789.8 2 395.9 of which :

Cat. 333/4/5/833/4/5 221.8 355.9 345.2 319.7 131.6 79.0 62.7 125.4 131.5 Cat. 338 377.8 422.5 366.7 307.7 97.4 113.9 50.5 137.6 119.6 Cat. 339 1 278.3 1 346.2 1 435.9 1 134.9 429.5 356.2 382.5 370.8 381.6 Cat. 340 295.2 285.5 232.8 143.3 78.3 53.6 26.4 43.4 73.5 Cat. 347/8/847 927.6 1 137.8 1 174.1 924.9 317.5 315.9 293.7 315.0 316.2 Cat. 633/4/5 451.6 524.3 503.4 428.3 216.8 121.5 40.1 125.9 262.4 Cat. 638/9/838 1 259.4 1 329.9 1 066.3 981.9 349.7 319.4 195.7 295.0 491.2 Cat. 647/8 409.0 523.2 461.7 358.5 174.7 100.2 44.2 130.4 183.9 Others 1 195.6 1 335.0 1 218.9 865.0 471.3 293.4 182.7 246.2 436.0

2. Unrestricted products 1 362.5 1 850.2 1 547.1 983.2 435.2 394.0 339.4 281.0 362.8 of which :

Cat. 239 379.8 471.0 411.4 126.1 131.7 96.7 53.4 31.6 41.1 Cat. 352 231.5 329.8 306.2 309.9 83.2 78.4 63.9 106.8 139.2 Cat. 359 157.6 131.9 111.9 28.1 21.6 22.2 13.8 9.9 4.3 Cat. 636 100.5 257.5 203.1 97.7 52.5 42.0 32.1 31.2 34.4 Others 493.0 660.0 514.6 421.4 146.1 154.7 176.2 101.4 143.8

Cat. 333/4/5/833/4/5 - Men's or boys', women's or girls' coats, cotton, silk blends and other vegetable fibres Cat. 338 - Men's or boys' knit shirts, cotton

Cat. 339 - Women's or girls' knit shirts, blouses, cotton Cat. 340 - Men's or boys' shirts, not knit, cotton

Cat. 347/8/847 - Men's or boys', women's or girls' trousers, breeches, shorts, cotton, silk blends and other vegetable fibres Cat. 633/4/5 - Men's or boys', women's or girls' coats, man-made fibres

Cat. 638/9/838 - Men's or boys', women's or girls' knit shirts, man-made fibres, silk blends and other vegetable fibres except cotton Cat. 647/8 - Men's or boys', women's or girls' trousers, breeches, shorts, man-made fibres

Cat. 239 - Babies' garments and clothing accessories Cat. 352 - Cotton underwear

Cat. 359 - Other cotton apparel Cat. 636 - Dresses, man-made fibres Source: Economic Services

2001 1999 2000

(30)

II. EXTERNAL TRADE

7. DOMESTIC EXPORTS OF TEXTILES AND GARMENTS TO THE USA

2/2

2002 2001 2001 2002 2002 2002

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

B. Exports of textiles and garments 49 994.5 54 481.1 52 388.8 42 392.5 18 349.6 13 316.9 8 854.1 14 241.1 19 297.3 (thousand kg)

1. Restricted products (thousand m²) 134 618.5 147 568.4 146 537.3 133 496.1 48 086.0 41 213.8 28 098.9 45 368.6 60 028.6 of which (thousand dozens) :

Cat. 333/4/5/833/4/5 163.8 316.2 356.3 318.4 144.6 76.2 67.5 144.0 106.9 Cat. 338 438.3 488.6 487.1 421.1 121.3 169.9 75.7 197.9 147.5 Cat. 339 1 849.4 1 942.4 2 330.1 1 941.6 665.4 597.5 688.3 643.5 609.8 Cat. 340 424.4 412.9 313.7 208.1 103.5 70.3 39.8 61.6 106.7 Cat. 347/8/847 1 043.0 1 131.2 1 227.4 1 068.4 310.8 363.9 357.7 378.6 332.1 Cat. 633/4/5 435.6 534.4 548.2 610.1 227.3 148.7 48.0 198.8 363.3 Cat. 638/9/838 2 316.2 2 094.8 2 032.2 2 184.6 611.4 718.6 449.6 696.9 1 038.1 Cat. 647/8 800.1 826.8 806.5 795.0 303.0 204.7 83.0 297.7 414.3 Others (thousand m²) 34 394.1 39 237.0 35 708.6 27 256.1 11 464.2 9 717.2 6 383.5 8 233.5 12 639.1 2. Unrestricted products

of which :

Cat. 239 (thousand kg) 1 701.5 2 055.6 1 831.7 552.2 624.8 418.1 240.2 138.7 173.3 Cat. 352 (thousand dozens) 2 153.2 3 302.3 3 208.3 3 346.7 870.6 876.8 719.1 1 146.1 1 481.5 Cat. 359 (thousand kg) 1 560.3 1 252.5 1 038.3 211.0 196.6 232.2 119.7 62.4 28.9 Cat. 636 (thousand dozens) 123.7 291.0 236.7 141.6 59.0 56.2 45.2 44.5 51.9

C. Quota fill rate of exports of 66.6 67.0 61.0 51.1 20.0 17.2 10.8 17.3 23.0 textiles and garments ª (%)

of which :

Cat. 333/4/5/833/4/5 51.3 90.1 92.3 75.2 37.5 19.7 15.9 34.0 25.3 Cat. 338 106.6 108.1 98.0 75.3 24.4 34.2 13.5 35.4 26.4 Cat. 339 107.4 102.6 112.0 82.9 32.0 28.7 29.4 27.4 26.1 Cat. 340 109.0 96.5 66.7 39.3 22.1 14.9 7.5 11.6 20.2 Cat. 347/8/847 107.2 105.7 104.4 81.2 26.4 31.0 27.2 28.7 25.3 Cat. 633/4/5 64.4 71.9 67.1 66.3 27.8 18.2 5.2 21.6 39.5 Cat. 638/9/838 110.0 90.5 79.8 76.8 24.0 28.2 15.8 24.5 36.5 Cat. 647/8 113.0 106.2 94.2 82.5 35.4 23.9 8.6 30.9 43.0

Others 36.2 38.2 32.2 23.5 10.3 8.8 5.5 7.1 10.9

a The data represent the comparison with the quota limit.

Source: Economic Services

1999 2000 2001

(31)

8. DOMESTIC EXPORTS OF TEXTILES AND GARMENTS TO THE EUROPEAN UNION

2002 2001 2001 2002 2002 2002

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

A. Exports of textiles and garments 4 618.2 4 885.4 4 172.7 2 644.6 1 172.4 1 007.2 652.9 971.1 1 020.6 (MOP million)

1. Restricted products 4 288.0 4 452.4 3 845.0 2 406.8 1 099.9 928.5 571.9 885.6 949.3 of which : Cat. 4 461.3 535.7 467.3 247.1 78.6 125.9 74.7 89.8 82.5 Cat. 5 1 250.2 1 202.7 1 134.6 847.5 447.6 219.6 123.9 295.0 428.6 Cat. 6 958.1 952.4 878.7 692.0 219.3 252.2 194.9 271.9 225.2 Cat. 7 255.7 226.7 252.3 174.7 48.3 77.3 55.1 68.0 51.6 Cat. 8 342.0 287.2 255.4 100.4 60.2 65.1 32.4 38.5 29.5 Cat. 18 247.5 293.2 121.3 0.0 44.8 29.1 0.0 0.0 0.0 Others 773.3 954.4 735.4 345.2 201.2 159.3 90.9 122.3 132.0 2. Unrestricted products 330.3 433.1 327.7 237.8 72.5 78.8 81.0 85.5 71.2

B. Exports of textiles and garments 27 108.9 28 678.2 26 524.0 17 427.9 7 326.0 6 732.4 4 337.3 6 578.3 6 512.3 (thousand kg)

1. Restricted products (thousand kg) 21 312.8 22 709.2 20 932.9 13 547.2 5 510.0 5 724.1 3 586.9 5 194.2 4 766.1 of which : Cat. 4 (thousand pieces) 13 200.6 14 436.7 12 808.8 8 230.3 2 003.0 3 720.6 2 629.2 3 037.5 2 563.6 Cat. 5 (thousand pieces) 13 418.2 13 461.0 13 950.1 10 222.8 5 367.6 2 686.7 1 600.5 3 679.1 4 943.2 Cat. 6 (thousand pieces) 14 475.0 14 615.6 14 814.2 12 132.2 3 661.0 4 524.6 3 422.2 4 834.5 3 875.5 Cat. 7 (thousand pieces) 4 981.6 4 761.1 5 580.8 3 773.1 987.9 1 692.8 1 197.1 1 470.2 1 105.8 Cat. 8 (thousand pieces) 5 912.0 5 287.1 5 015.1 1 987.9 1 139.7 1 283.1 673.7 760.7 553.5 Cat. 18 (thousand kg) 1 612.1 1 856.8 994.7 0.0 396.5 235.9 0.0 0.0 0.0 Others (thousand kg) 4 294.3 5 341.4 4 369.1 2 015.2 1 113.6 1 166.2 521.3 736.2 757.7 2. Unrestricted products 5 796.2 5 969.0 5 591.1 3 880.7 1 816.0 1 008.3 750.4 1 384.1 1 746.2 (thousand kg)

C. Quota fill rate of exports of textiles 77.4 80.7 72.8 61.8 19.1 19.9 16.4 23.7 21.7 and garments ª(%)

of which : Cat. 4 95.6 103.1 90.2 56.9 14.1 26.2 18.2 21.0 17.7 Cat. 5 104.1 102.9 105.1 75.6 40.5 20.2 11.8 27.3 36.5 Cat. 6 104.1 103.6 103.5 83.2 25.6 31.6 23.5 33.2 26.5 Cat. 7 91.9 86.6 100.1 66.4 17.7 30.4 21.1 25.9 19.4 Cat. 8 77.9 68.7 64.2 25.0 14.6 16.4 8.5 9.5 7.0 Cat. 18 37.2 41.7 21.7 0.0 8.6 5.2 0.0 0.0 0.0 Others 55.7 67.2 53.3 35.6 13.6 14.2 9.2 13.0 13.4

a The data represent the comparison with the quota limit.

Cat. 4 - Knitted shirts, T-shirts Cat. 5 - Jerseys, pullovers Cat. 6 - Woven shorts and trousers

Cat. 7 - Women's or girls' blouses, knitted and woven Cat. 8 - Men's or boys' shirts

Cat. 18 - Woven underwear and nightwear Source: Economic Services

1999 2000 2001

(32)

II. EXTERNAL TRADE

9. EXPORT ORDERS ON HAND AND EXPORT PERFORMANCE OUTLOOK OF SELECTED MANUFACTURING INDUSTRIES

2002 2001 2001 2002 2002 2002

Q1 to Q3 Q3 Q4 Q1 Q2 Q3

1. Selected industries (months)

Garments 4.6 3.0 4.0 4.0 3.8 4.1 4.1 4.2 3.7

Toys 2.1 1.9 2.5 2.5 2.5 2.4 2.5 2.5 2.5

Electronics 2.0 1.6 2.0 2.5 2.4 1.5 1.5 3.5 2.5

Footwear 3.4 2.3 2.8 2.9 2.5 3.3 3.0 2.5 3.2

2. Markets (composite index) ^a

USA 66.1 42.1 37.4 23.6 26.4 22.0 29.8 24.7 16.4

European Union 53.9 30.2 29.4 39.4 20.1 19.2 38.0 45.9 34.3

Mainland China 0.1 1.4 1.3 0.5 -0.3 1.3 0.7 0.8 0.1

Hong Kong 0.1 -2.8 -3.6 -4.1 -2.8 -3.5 -4.0 -4.2 -4.0

Japan -5.3 -3.7 -5.8 -1.7 -3.7 -6.3 -5.7 1.5 -0.8

a The indices represent the average differences in percentage of the interviewed companies with positive response and those with negative response.

Source: Economic Services

1999 2000 2001

10. EXPORT PERFORMANCE OUTLOOK OF THE NEXT 6 MONTHS OF SELECTED

MANUFACTURING INDUSTRIES ª

%

Garments

Substantially increase 5.1 5.1 8.5 7.5 1.3

Slightly increase 16.5 33.7 42.5 39.1 35.0

Unchanged 8.0 15.4 22.7 33.5 28.2

Slightly decrease 36.0 32.7 18.5 6.0 23.9

Substantially decrease 34.4 13.2 7.8 13.9 11.6

Toys

Substantially increase - - - - -

Slightly increase - - - - -

Unchanged 100.0 100.0 100.0 100.0 100.0

Slightly decrease - - - - -

Substantially decrease - - - - -

Electronics

Substantially increase - - - - -

Slightly increase 88.3 88.3 94.5 94.5 -

Unchanged - 11.7 5.5 5.5 1.5

Slightly decrease 11.7 - - - -

Substantially decrease - - - - 98.5

Footwear

Substantially increase 50.2 - - - -

Slightly increase - - 46.8 35.8 57.1

Unchanged 3.1 27.0 53.2 21.7 38.3

Slightly decrease 46.7 46.9 - 36.6 -

Substantially decrease - 26.0 - 5.8 4.6

a By classification of export industries Source: Economic Services

2002 Q1 2001

Q3

2001 Q4

2002 Q3 2002

Q2

(33)

III. TOURISM

1. VISITOR ARRIVALS AND HOTEL GUESTS

2002 2001 2001 2002 2002 2002 Structure

Q1 to Q3 Q3 Q4 Q1 Q2 Q3 (%)

A. Visitor arrivals thousands 7 443.9 9 162.2 10 279.0 8 490.1 2 689.2 2 580.1 2 673.0 2 803.9 3 013.3 100.0 y-on-y % change 7.1 23.1 12.2 10.3 8.7 11.1 9.0 9.7 12.1

1. Mode of transport

By sea thousands 4 436.3 5 190.5 5 267.7 4 297.4 1 373.1 1 305.7 1 395.4 1 397.1 1 504.9 49.9 y-on-y % change - 5.4 17.0 1.5 8.5 - 2.6 6.5 7.2 8.5 9.6

By land thousands 2 334.7 3 137.5 4 149.4 3 511.3 1 097.6 1 058.1 1 070.7 1 167.6 1 273.0 42.2 y-on-y % change 33.5 34.4 32.3 13.6 29.9 19.0 11.8 12.7 16.0

By air thousands 672.9 834.2 861.8 681.5 218.5 216.3 206.8 239.2 235.4 7.8 y-on-y % change 31.4 24.0 3.3 5.6 - 1.0 4.7 6.8 2.5 7.8

2. Place of residence

Mainland China thousands 1 645.2 2 274.7 3 005.7 2 944.8 790.8 855.0 873.4 997.1 1 074.3 35.7 y-on-y % change 101.4 38.3 32.1 36.9 43.7 43.2 33.7 41.1 35.9

Hong Kong thousands 4 229.8 4 954.6 5 196.1 3 918.9 1 369.7 1 219.7 1 307.3 1 240.1 1 371.5 45.5 y-on-y % change - 10.4 17.1 4.9 - 1.5 - 2.1 1.8 - 1.2 - 3.4 0.1

Taiwan thousands 984.8 1 311.0 1 451.8 1 158.0 374.1 348.0 339.1 410.1 408.8 13.6 y-on-y % change 20.6 33.1 10.7 4.9 0.3 - 2.0 5.0 0.8 9.3

Japan thousands 145.3 144.9 140.9 105.7 35.9 30.7 33.8 35.3 36.5 1.2 y-on-y % change - 6.7 - 0.3 - 2.7 - 4.2 - 4.3 - 18.2 - 12.4 - 1.1 1.6

Europe thousands 137.4 120.9 114.6 79.6 27.2 31.5 26.8 26.6 26.2 0.9 y-on-y % change - 2.1 - 12.0 - 5.2 - 4.2 - 2.2 - 7.5 - 1.7 - 7.2 - 3.6

Americas thousands 97.0 108.6 109.0 83.6 26.0 27.5 27.2 28.9 27.5 0.9 y-on-y % change - 0.9 12.0 0.4 2.5 - 1.2 - 9.4 0.8 1.2 5.8

B. Hotel overnight guests thousands 2 253.4 2 689.8 2 766.9 2 319.7 721.6 734.7 721.6 778.2 819.9 . . y-on-y % change 4.5 19.4 2.9 14.2 - 0.3 10.5 13.7 15.1 13.6

C. Hotel occupancy rate (%) 53.7 57.6 60.7 66.0 63.3 64.2 62.0 66.4 69.7 . .

D. Average length of stay of hotel 1.4 1.3 1.4 1.3 1.3 1.3 1.3 1.3 1.2 . . overnight guests (nights)

1999 2000 2001

(34)

III. TOURISM

2. VISITOR SPENDING PER CAPITA

2001 2001 2002 2002 2002

Q3 Q4 Q1 Q2 Q3

A. Visitor spending per capita MOP 1 373 1 367 1 389 1 426 1 343 1 357 1 370 1 405

y-on-y % change - 1.4 - 0.4 1.6 - 2.8 2.4 2.7 1.4 - 1.5

　 Visitors from Mainland China MOP 2 661 2 401 2 648 2 651 2 588 2 493 2 605 2 440

y-on-y % change - 4.8 - 9.8 10.3 2.3 6.9 - 6.5 12.8 - 8.0

　　　By sea MOP 2 568 2 336 2 474 2 360 2 499 2 345 2 580 2 085

y-on-y % change - 5.6 - 9.0 5.9 - 3.9 6.7 - 10.2 11.1 - 11.7

　　　By land MOP 2 708 2 451 2 438 2 375 2 371 2 195 2 139 2 148

y-on-y % change - 8.7 - 9.5 - 0.5 - 8.7 - 1.3 - 3.9 8.5 - 9.6

　　　By air MOP 3 989 3 026 4 512 6 410 3 887 5 053 4 845 6 472

y-on-y % change 3.9 - 24.1 49.1 45.4 28.7 9.9 37.2 1.0

　 Visitors from Hong Kong MOP 836 934 937 971 906 911 962 970

y-on-y % change - 5.4 11.7 0.3 - 9.3 - 2.5 19.2 - 9.8 - 0.1

　　　By sea MOP 900 970 980 1 017 953 961 1 006 1 014

y-on-y % change - 6.5 7.8 1.0 - 8.2 - 0.4 20.3 - 9.9 - 0.3

　　　By land MOP 368 471 511 573 440 483 511 511

y-on-y % change - 3.9 28.0 8.5 - 0.3 - 11.8 19.0 - 7.1 - 10.8

　 Visitors from Taiwan MOP 866 942 932 894 991 1 058 1 029 974

y-on-y % change - 11.6 8.8 - 1.1 - 19.9 6.8 19.4 31.1 8.9

　　　By sea MOP 1 280 1 566 1 330 1 404 1 371 2 432 1 058 1 225

y-on-y % change 11.8 22.3 - 15.1 - 2.6 - 0.2 57.4 - 7.8 - 12.7

　　　By land MOP 396 521 493 456 478 544 637 486

y-on-y % change - 22.4 31.6 - 5.4 - 45.6 - 18.4 15.7 60.1 6.6

　　　By air MOP 1 916 1 792 1 909 2 103 2 096 1 839 1 806 1 917

y-on-y % change 40.3 - 6.5 6.5 23.9 12.0 - 5.2 - 4.3 - 8.8

　 Visitors from Japan ^a MOP 1 256 1 190 1 190 1 206 1 365 869 1 067 882

y-on-y % change 13.8 - 5.3 - 6.8 57.8 - 18.8 - 6.6 - 26.9

　 Visitors from Europe ^a MOP 1 281 1 097 1 075 1 085 1 049 908 1 297 1 297

y-on-y % change 2.2 - 14.4 - 2.0 11.2 4.2 - 26.7 - 9.9 19.5

　 Visitors from Americas ^a MOP 1 554 1 024 1 356 1 373 1 121 1 091 1 352 1 379

y-on-y % change 35.5 - 34.1 32.4 37.3 0.4 - 6.3 - 30.8 0.4

B. Average length of stay of visitors 1.4 1.3 1.3 1.3 1.2 1.1 1.1 1.2 (days)

a The data shown only represent visitor arrivals by sea.

1999 2000 2001