Luxury market imports return to MSAR in March

Merchandise imports to the territory saw a 19 per cent year-on-year increase in March, according to the most recent data from the Statistics and Census Service (DSEC). The value of goods imported into the MSAR reached MOP6.41 billion during the month, while imports during the first quarter of the year amounted to MOP17.99 billion, a 6.5 per cent increase.
The territory continued to run a trade deficit, which in the third month of the year reached MOP5.35 billion, as exports from the MSAR amounted to MOP1.06 billion in March and MOP2.94 billion in the first quarter, an increase of 4.8 per cent and 8.8 per cent year-on-year, respectively.
Re-exports from the territory amounted to MOP911.9 million during the month, a 5.2 per cent increase year-on-year, driven mostly by a surge of 341.4 per cent year-on-year, reaching MOP51 million, according to the data.
Imports to the territory expanded during the month, pushed by increases in both gold jewellery and watches, which saw year-on-year increases of 47.1 per cent and 64.8 per cent, respectively, in the month. For the first quarter of the year, both categories recorded increases, amounting to 25.9 per cent and 43.5 per cent, respectively, according to the data.
Imports to the MSAR during the month of March arrived mainly from the Hong Kong market, with 79 per cent of imported merchandise coming from the HKSAR, at MOP5.06 billion, undergoing a 20.9 per cent year-on-year increase. For the first quarter merchandise imported from the neighbouring SAR amounted to MOP14.66 billion, an increase of 7.36 per cent year-on-year.
A further indication that luxury sales are returning to the MSAR, the value of imports of handbags and wallets underwent a 14.9 per cent year-on-year increase during the month, reaching MOP266.7 billion.
Imports from outside the region – including Spain, Canada and Australia – all saw triple-digit (or more) increases year-on-year, with the value of imports from Spain in March increasing 1,100 per cent year-on-year, while those from Canada rose 431.8 per cent and those from Australia rose 216.8 per cent year-on-year, reaching MOP10.9 million, MOP11.7 million and MOP33.9 million, respectively.
The value of imports from Portugal fell both in March and in the first quarter, at 7.9 per cent and 15.26 per cent, respectively.
Exports to the pan-Pearl River Delta saw a 2.8 per cent year-on-year fall in March, according to the data, reaching MOP381 million. Exports to Shanghai, however, grew by 42.5 per cent, reaching MOP15 million.
Exports in the month of March made up 37.6 per cent of total exports this year, reaching MOP1.02 billion, exports to the UK saw a 776.4 per cent increase year-on-year in March and a 967.9 per cent year-on-year increase in the first quarter. Exports to Hong Kong and the Mainland saw increases of 7.2 per cent and 3.4 per cent year-on-year in March, as well as rises of 15.3 per cent and 0.4 per cent during the first semester.
The value of exports of diamonds and diamond jewellery grew 30.2 per cent, while those of machines, apparatus and parts fell by 53.3 per cent, according to the data.