Macau Yearbook 2013 - Macao Yearbook

Macao Yearbook 2013the combined total of the other three industries.ManufacturingFollowing its 1980s boom, Macao’s manufacturing industry now faces changes in the worldwidemanufacturing supply chain and disparity in regional manufacturing costs. Since the 1990s, Macaohas gradually transformed into a more service-oriented economy. As a result, the GDP share ofthe manufacturing industry dropped from 20.6 percent in 1989 to 0.7 percent in 2011. In 2011,the total output and added value of the manufacturing industry were 6.36 billion and 1.32 billionpatacas respectively.In 2012, the total value of Macao’s exports was 8.16 billion patacas, representing year-on-yeargrowth of 17.1 percent, of which Macao’s domestic product exports accounted for 2.29 billionpatacas, down 4.4 percent year on year. The value of re-exports was 5.87 billion patacas, up 28.2percent year on year. Hong Kong continued to be the major export market for Macao with a shareof 50.2 percent of Macao’s total export value, an increase of 31.7 percent year on year. MainlandChina accounted for 16.8 percent of Macao’s total export value, an increase of 24.7 percent yearon year. The United States accounted for 6.2 percent, a decrease of 8.7 percent.A breakdown of product exports reveals that textile and garment exports in 2012 were worth1.05 billion patacas, down 21.3 percent year on year and representing 12.9 percent of total exportvalue. Machinery and spare parts and tobacco and wines accounted for 17.5 percent and 9.4 percentof total exports respectively, while copper and copper products accounted for 4.6 percent.Product export value under CEPA in 2012 totalled 104 million patacas and included: garmentsand textiles, copper-clad laminates, stamps, recycled plastics, coffee, food items, printer ribbonsand ink. Tax with a total value of 9.292 million patacas was waived. During the past nine years,the total value of zero-tariff goods entering mainland China in accordance with CEPA provisionswas 360 million patacas, with 29.09 million patacas of taxes waived.Financial IndustryThe financial industry in Macao underwent rapid development towards the end of the 1980s.Following 20 years of growth and refinement, Macao now boasts a sophisticated and open financialsystem with unique characteristics in the region. The Monetary Authority supervises Macao’sfinancial industry.Macao’s financial institutions consist of banks, insurance companies, financial companies,financial intermediaries, bureaux de change, cash remittance companies, non-banking creditagencies and the representative offices of overseas financial institutions. As at 31 December 2012,among financial institutions authorised to operate in Macao there were 29 banks (including theGovernment-owned Postal Savings Office), 23 insurance companies, one pension-fund managementcompany, one finance company, two financial intermediary companies, 12 bureaux de change, sixbureaux de change counters, two cash remittance companies, one non-banking credit agency andone representative office of an overseas financial institution.152