Macao's trade deficit $2.43bn

Macao's trade deficit for the first quarter of 2014 widened by 16.6 percent over the same period of last year to 19.44 billion patacas (2.43 billion U.S. dollars), according to figures released on Tuesday by the city's Statistics and Census Service (DSEC). From January to March, external merchandise trade amounted to 24.40 billion patacas (3.05 billion dollars), up by 17 percent as compared with the same period of 2013, the figures indicated. Total value of merchandise export rose by 6 percent year on year to 2.48 billion patacas (310.49 million dollars), while that of import grew by 18 percent to 21.92 billion patacas (2.74 billion dollars), the figures indicated. Analyzed by destination of exports, the value of merchandise export to Hong Kong and the EU in the first quarter of 2014 increased by 12 percent and 29 percent respectively year on year, while export to the Chinese mainland and the United States decreased by 5 percent and 19 percent, respectively. In the period, exports of textile and garment amounted to 195 million patacas (24.41 million dollars), down by 8 percent year on year. The value of non-textile exports grew by 8 percent to 2.29 billion patacas (286.7 million dollars). Meanwhile, the value of merchandise import from the Chinese mainland and the EU expanded by 11 percent and 22 percent respectively year on year, according to the DSEC.