Release of
Balance of Payments for
(Preliminary Estimates for
2006)
The Monetary Authority of
Macao releases today the balance of payments (BOP) statistics of Macao SAR for
the reference year 2006. The
internationally recognised statistics were compiled according to the guidelines
published by the International Monetary Fund (IMF) in the Balance of
Payments Manual, Fifth Edition, as well as relevant technical advice with
respect to
The BOP is a statistical statement that summarises
external transactions of an economy with the rest of the world. The BOP of Macao SAR consists of current
account, non-reserve capital and financial account and change in reserve
assets. The release of BOP statistics
enables a better understanding of
In 2006,
Despite the buoyant tourism industry leading to a marked
rise in exports of services, the increase in imports of goods and the surge in
factor income outflow caused the current account to record a surplus of MOP23.6
billion in 2006, which was MOP3.4 billion less than the MOP27.0 billion surplus
shown in the previous year.
The favourable economic condition continued to boost domestic
demand. Imports of goods, valued f.o.b., increased by 23.1% year-on-year,
whereas exports of goods rose by 3.1%. Hence, deficits in the goods account surged
from MOP22.4 billion in 2005 to MOP31.5 billion in 2006. Regarding the services account, the
surplus went up from MOP56.4 billion to MOP69.4 billion during the same period
of time. As the number of inbound
visitors soared by 17.6% in 2006 to 22 million from a year earlier, travel
services recorded a surplus of MOP75.6 billion, while transportation and other
services summed up to a deficit of MOP6.2 billion.
The income account, which
reflects net external factor income, recorded a net outflow of MOP12.4 billion
in 2006, twice over last year. This
stemmed mainly from the substantial increase in profits earned in
Net inflows in the capital account fell from MOP4.1
billion in 2005 to MOP3.5 billion in 2006, mainly due to a drop in inflows of
migrants’ transfers. On the
contrary, net outflows of financial non-reserve assets (i.e. the net increase
in foreign assets) rose from MOP2.1 billion to MOP6.5 billion. This increase stemmed mainly from the
significant upsurge in net outflows of portfolio investment (+MOP 11.5 billion)
as well as the rise in net outflows of financial derivatives (+MOP1.7 billion)
and other investment (+MOP10.4 billion). The outflows were large enough to
offset the net inflows of direct investment, which rose from MOP13.7 billion in
2005 to MOP17.1 billion in 2006, in relation to mega projects of gaming
complexes and resort hotels.
Reserve assets in the BOP statistics reflect the net
change in foreign currency assets (excluding the SAR Reserve Fund) managed by
the Monetary Authority of Macao. In
2006, the BOP recorded an enlarged surplus, which caused reserve assets (after
price, exchange rate and other adjustments) to increase significantly by
MOP16.5 billion.
The BOP statistics for the year 2006 are preliminary
estimates. Figures in individual
components are subject to revision later when more information becomes
available. For further
details, please visit the website of the Monetary Authority of Macao.
For enquiry, please contact:
Research and Statistics Department
Monetary Authority of
(Tel：3952532 Fax：28353042 Email:
gee@amcm.gov.mo)
(Recent research reports and publications of the AMCM are available on:
http://www.amcm.gov.mo/publication/Publication.htm)