Macao's total export value during the first 11 months of 2007 dropped by 1.4 percent year-on-year, as its textile and garment export value, accounting for 65.4 percent of the total, decreased by 11 percent, according to official statistics released on Monday.
Information from the government's Statistics and Census Service(SCS) indicated that the total export value amounted to 18.6 billion patacas (2.3 billion U.S. dollars) during the January-to- November period, while the value of imports grew by 18.5 percent to 39.29 billion patacas (4.9 billion U.S. dollars), bringing about a trade deficit of 20.68 billion patacas (2.6 billion U.S. dollars).
Although the textile and garment exports dropped between January and November, the value of non-textile exports rose by 23.7 percent, according to the statistics.
As Macao's operation costs are running high, Macao is no longer suited for developing labor-intensive industries, therefore, it is obvious that the textile and garment sector will further shrink in productions and exports in the coming years, said a local manufacturer.
Meanwhile, the United States and the European Union remained the major destinations of Macao's exports, together making up 58.5 percent of the total value of exports in the first 11 months of 2007, but both decreased by 10.9 percent and 8.1 percent respectively year-on-year, according to the statistics.
Source: Xinhua
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