Release of Macao SAR Balance of Payments Preliminary Estimate for 2025
MACAU, August 28 - The Monetary Authority of Macao (AMCM) releases today (28 August) the preliminary balance of payments (BOP) statistics of Macao SAR for the reference year 2025. The BOP, which comprises the current account, the capital account and the financial account, is a statistical statement that summarises external transactions of an economy with the rest of the world.
The current account posted a surplus of MOP165.6 billion in 2025, amid an increment in exports of travel services
In 2025, exports of goods and imports of goods (f.o.b.) decreased year-on-year by 3.4% and 3.6% respectively. With imports having a higher base than exports, the merchandise trade deficit lowered from MOP105.6 billion in 2024 to MOP101.7 billion in 2025. Concurrently, service exports rose by 6.3%, mainly driven by increasing exports of travel services, while service imports increased by 4.5%. Hence, the services account surplus expanded from MOP273.6 billion in 2024 to MOP291.9 billion in 2025.
The primary income account, which reflects cross-border flows of factor income, recorded a net inflow of MOP3.6 billion in 2025; of which, inflows went down from MOP111.8 billion in 2024 to MOP101.4 billion in 2025, while outflows dropped from MOP116.5 billion in 2024 to MOP97.8 billion in 2025. Meanwhile, the secondary income account, which comprises current transfers between Macao residents and non-residents, recorded a net outflow of MOP28.2 billion in 2025, marking a decrease of MOP1.1 billion from the net outflow in 2024.
As the invisible trade surplus and the net inflow of primary income offset the deficit in merchandise trade and the net outflow of secondary income, the current account recorded a surplus of MOP165.6 billion in 2025, up by MOP31.6 billion from MOP133.9 billion in 2024.
Reserve assets rose by MOP0.8 billion in 2025 and the overall BOP registered a surplus of the same amount
In the financial account, financial non-reserve assets registered a net outflow of MOP159.8 billion in 2025, representing a decrement of MOP1.6 billion when compared to the net outflow in 2024. Within this total, direct investment continued to record a net inflow, which decreased from MOP5.2 billion in 2024 to MOP0.9 billion in 2025. On the other hand, mainly due to the decelerated growth in external securities investment held by Macao residents (excluding Macao SAR’s foreign exchange reserves), the net outflow of portfolio investment contracted from MOP185.7 billion in 2024 to MOP111.5 billion in 2025. Concurrently, financial derivatives registered a net inflow of MOP49.9 million in 2025. In addition, other investment recorded a net outflow of MOP49.3 billion in 2025 as against a net inflow of MOP19.5 billion in 2024, owing to the significant increase in Macao residents’ other external assets.
Reserve assets in the financial account record the net change in Macao’s foreign exchange reserves held by the AMCM. Reserve assets, after price, exchange rate and other adjustments, rose by MOP0.8 billion, implying that the overall BOP registered a surplus of the same amount in 2025.
Macao’s BOP statistics are compiled in accordance with the Balance of Payments and International Investment Position Manual (Sixth Edition) of the International Monetary Fund. The current release incorporates preliminary estimates of key statistics, while a statistical report with more comprehensive data will be published in December 2026.
Recent research reports and publications of the AMCM are available on:
https://www.amcm.gov.mo/en/research-statistics/research-and-publications
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