Macao´s total export value during the first 11 months of 2007 dropped by 1.4 percent year-on-year, as its textile and garment export value, accounting for 65.4 percent of the total, decreased by 11 percent, according to official statistics released on Monday.

Information from the government´s Statistics and Census Service(SCS) indicated that the total export value amounted to 18.6 billion patacas (2.3 billion U.S. dollars) during the January-to- November period, while the value of imports grew by 18.5 percent to 39.29 billion patacas (4.9 billion U.S. dollars), bringing about a trade deficit of 20.68 billion patacas (2.6 billion U.S. dollars).

Although the textile and garment exports dropped between January and November, the value of non-textile exports rose by 23.7 percent, according to the statistics.

As Macao´s operation costs are running high, Macao is no longer suited for developing labor-intensive industries, therefore, it is obvious that the textile and garment sector will further shrink in productions and exports in the coming years, said a local manufacturer.

Meanwhile, the United States and the European Union remained the major destinations of Macao´s exports, together making up 58.5 percent of the total value of exports in the first 11 months of 2007, but both decreased by 10.9 percent and 8.1 percent respectively year-on-year, according to the statistics.

Source: Xinhua