Core Viewpoint - The outlook for Macau's export situation has turned slightly optimistic among surveyed manufacturers for the next six months, with a notable increase in positive sentiment compared to the previous quarter [1] Export Outlook - In the second quarter of 2025, the main export products include garments, pharmaceuticals, electronic products/appliances, tobacco and alcohol, and metal products [1] - The European Union is identified as the market with the best export outlook, with a market quarterly order situation composite index change of 25.1% [1] Order Situation - The average number of months of orders on hand for surveyed manufacturers in the second quarter is 2.7 months, with pharmaceuticals leading at 4.4 months, followed by garment manufacturing at 3.2 months, and electronics/appliances at 2.5 months; other non-textile products have an order duration of 1.2 months [1] Future Export Expectations - 53.1% of surveyed manufacturers expect no significant change in export outlook over the next six months, an increase of 32.3 percentage points from the previous quarter's 20.8% [1] - 27.3% of manufacturers are optimistic about the export outlook, a slight increase of 0.4 percentage points from the previous quarter's 26.9% [1] - The percentage of manufacturers with a pessimistic view on export prospects has significantly decreased to 19.6%, down 32.7 percentage points from the previous quarter's 52.3% [1]

Group 1 - The core viewpoint of the articles indicates a cautious outlook among manufacturers regarding Macau's export prospects for the next six months, with a notable increase in pessimism compared to the previous quarter [1][2] - In Q1 2025, the average number of months of orders on hand for surveyed manufacturers is 3.0 months, a decrease of 0.4 months from Q4 2024, with the apparel manufacturing sector leading at 4.9 months [1] - The market outlook for exports shows that 26.9% of surveyed manufacturers are optimistic about export prospects, an increase of 3.9 percentage points from the previous quarter, while 52.3% are pessimistic, a significant rise of 29.2 percentage points [1] Group 2 - The primary issue affecting export activities is "insufficient orders," reported by 68.2% of surveyed manufacturers, followed by rising raw material prices at 38.2% and intense price competition in foreign markets at 36.4% [2] - For the next three months, 43.2% of manufacturers cite "insufficient orders" as a major concern, while 15.8% highlight "intense price competition in foreign markets" [2]