Core Insights - Macau's total external merchandise trade in the first half of 2025 amounted to 67.2 billion MOP, a decrease of 4.3% compared to the same period last year [1] - Total exports increased by 0.3% to 6.63 billion MOP, with re-exports rising by 0.6% to 5.91 billion MOP, while local product exports fell by 1.9% to 0.71 billion MOP [1] - Total imports were 60.57 billion MOP, down 4.8%, resulting in a trade deficit of 53.95 billion MOP, which is a reduction of 3.07 billion MOP from the previous year [1] Export Analysis - Exports to Hong Kong rose by 8.9% to 4.95 billion MOP, while exports to mainland China, Belt and Road countries, the United States, and the European Union saw declines of 11.9%, 66.0%, 0.9%, and 16.7% respectively [1] - Textile and garment exports increased by 0.7% to 0.72 billion MOP, while non-textile exports also saw a slight increase of 0.2% to 5.91 billion MOP [1] Import Analysis - Imports from the EU, mainland China, and Belt and Road countries decreased by 7.0%, 2.4%, and 3.1% respectively, while imports from Japan increased by 2.3% [2] - Total imports of consumer goods fell by 3.9% to 44.34 billion MOP, with clothing and footwear decreasing by 7.1% to 5.90 billion MOP, while food and beverages and gold jewelry saw increases of 7.1% and 3.2% respectively [2] - Significant declines were noted in the imports of fuel and lubricants (down 9.4%), mobile phones (down 23.4%), and building materials (down 36.3%) [2] Monthly Trends - In June, total merchandise exports were 0.95 billion MOP, down 10.5% year-on-year, with re-exports declining by 12.2% [3] - Local product exports in June increased slightly by 0.1% to 0.15 billion MOP, with notable increases in pharmaceuticals and organic chemicals (up 16.9%) and pastries (up 2.9%) [3] - June imports totaled 9.95 billion MOP, a slight decrease of 0.6%, with significant drops in mobile phones, handbags, and building materials [3]