Core Insights - Macau's total goods exports and imports in October 2025 reached MOP 1.3 billion and MOP 11.2 billion respectively, showing year-on-year increases of 7.9% and 0.7% [1] - The trade deficit for goods was MOP 9.92 billion [1] - Year-to-date total exports amounted to MOP 11.61 billion, up 2.7% year-on-year, while total imports decreased by 3.5% to MOP 102.34 billion [1] Export Performance - In October, re-exports valued at MOP 1.17 billion increased by 8.0%, with watches rising by 13.8% and diamonds and diamond jewelry decreasing by 7.9% [1] - Local product exports reached MOP 130 million, up 6.7%, driven by a 70.5% increase in pharmaceuticals and organic chemicals, while garments fell by 22.7% [1] - For the first ten months, exports to mainland China and Hong Kong increased by 62.2% and 3.0% respectively, while exports to the US and EU declined by 3.7% and 2.1% [2] Import Performance - Total imports in October showed a slight increase of 0.7%, with significant rises in gold jewelry (30.6%) and fuel and lubricants (19.6%), while handbags and wallets decreased by 15.5% [1] - In the first ten months, imports from mainland China and the EU fell by 0.9% and 5.3%, while imports from Hong Kong rose by 7.3% [2] - Consumer goods imports decreased by 2.1% to MOP 73.76 billion, with clothing and footwear down by 6.1%, while gold jewelry imports increased by 11.7% [2]

Core Viewpoint - The Hong Kong economy is expected to continue its robust growth for the remainder of 2025, driven by strong export performance and expanding domestic demand [1][5]. Economic Growth - In Q3 2025, Hong Kong's real GDP grew by 3.8% year-on-year, an increase from 3.1% in Q2 [1]. - Seasonally adjusted, the real GDP rose by 0.7% compared to the previous quarter [1]. Consumption and Investment - Private consumption expenditure increased by 2.1% year-on-year in Q3, up from 1.9% in Q2 [1]. - Government consumption expenditure recorded a real increase of 1.6% year-on-year in Q3, down from 2.5% in Q2 [1]. - Local fixed capital formation rose by 4.3% year-on-year in Q3, following a 1.9% increase in Q2 [1]. Trade Performance - Goods exports saw a real increase of 12.2% year-on-year in Q3, compared to 11.5% in Q2 [1]. - Goods imports rose by 11.7% in Q3, down from 12.6% in Q2 [1]. Service Sector - Service output increased by 6.1% year-on-year in Q3, following an 8.6% rise in Q2 [2]. - Service input grew by 2.6% in Q3, compared to 7.3% in Q2 [2]. - The tourism sector and active cross-border financial activities supported the expansion of service output [3]. Future Outlook - The government anticipates further economic growth due to moderate global economic growth and strong demand for electronic products, which will support goods exports [5]. - An increase in visitor arrivals and active financial market activities are expected to boost service exports [5]. - Local consumption and investment activities are likely to be supported by the recovery of consumer confidence and recent interest rate cuts by the U.S. [5]. - Retail sales value for the first nine months of the year showed a temporary decline of 1.0% year-on-year, but September recorded a 5.9% increase, marking the fifth consecutive month of growth [5].

Core Insights - Macau's total export value for the first three quarters of 2025 increased by 2.1% year-on-year to 10.31 billion MOP, with re-exports rising by 2.8% and local product exports declining by 3.7% [1] - Total import value decreased by 3.7% to 91.49 billion MOP, resulting in a trade deficit of 81.18 billion MOP [1] - In September 2025, total export value reached 1.11 billion MOP, up 11.7% year-on-year, while total imports increased by 9.3% to 11.32 billion MOP [2] Export Performance - Exports to mainland China and Hong Kong increased significantly, with values of 0.93 billion MOP (up 59.9%) and 7.35 billion MOP (up 3.2%) respectively [1] - Exports to the US and EU saw declines of 4.7%, with values of 0.22 billion MOP and 0.16 billion MOP respectively [1] - Non-textile exports rose by 3.9% to 9.28 billion MOP, while textile and garment exports fell by 11.8% to 1.03 billion MOP [1] Import Performance - Total imports from mainland China and the EU decreased by 1.8% and 5.7% respectively, while imports from Hong Kong increased by 7.0% [1] - Consumer goods imports fell by 2.2% to 66.19 billion MOP, with clothing and footwear decreasing by 6.5% to 8.71 billion MOP, while gold jewelry increased by 10.3% to 8.41 billion MOP [1] - In September 2025, imports of gold jewelry and food & beverages surged by 62.0% and 16.0% respectively, while handbags and wallets decreased by 10.9% [2] Trade Deficit - The total trade deficit for the first three quarters of 2025 was 81.18 billion MOP, with a monthly deficit of 10.21 billion MOP in September [1][2] - The trade deficit for the third quarter of 2025 was recorded at 27.59 billion MOP [2]

Core Viewpoint - Hong Kong's GDP experienced a year-on-year growth of 3.8% in Q3 2025, an increase from 3.1% in Q2 2025, driven by strong export performance and expanding domestic demand [1][3]. Economic Performance - The local GDP in Q3 2025 rose by 3.8% compared to the same period last year, while the previous quarter's growth was 3.1% [1][3]. - Private consumption expenditure increased by 2.1% year-on-year in Q3 2025, up from 1.9% in Q2 2025 [1]. - Government consumption expenditure recorded a 1.6% increase year-on-year in Q3 2025, down from 2.5% in Q2 2025 [1]. Investment and Trade - Gross fixed capital formation rose by 4.3% year-on-year in Q3 2025, following a 1.9% increase in Q2 2025 [2]. - Merchandise exports saw a significant increase of 12.2% year-on-year in Q3 2025, compared to 11.5% in Q2 2025 [2]. - Merchandise imports increased by 11.7% year-on-year in Q3 2025, slightly down from 12.6% in Q2 2025 [2]. Service Sector - Service output grew by 6.1% year-on-year in Q3 2025, following an 8.6% increase in Q2 2025 [2]. - Service input rose by 2.6% year-on-year in Q3 2025, down from 7.3% in Q2 2025 [2]. Future Outlook - The Hong Kong economy is expected to continue its robust growth for the remainder of 2025, supported by moderate global economic growth and strong demand for electronic products [4]. - The increase in visitor arrivals and active financial market activities are anticipated to further boost service exports [4]. - Local consumption and investment activities are expected to be supported by improved consumer confidence and government measures to diversify the economy [4].