JOINT REPORT TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Macao Special Administrative Region Annual Report for 2023
Date: 2024-06-13
Institutions: European Commission, European External Action Service
Subjects: Macao, activity report, bilateral relations, economic cooperation, economic development, economic situation, fundamental rights, political situation, regional integration, social development

EN 

  EN 

   EUROPEAN COMMISSION HIGH REPRESENTATIVE OF THE UNION FOR FOREIGN AFFAIRS AND SECURITY POLICY Brussels, 13.6.2024  JOIN(2024) 19 final  JOINT REPORT TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Macao Special Administrative Region    Annual Report for 2023  
 
 
JOINT REPORT TO THE EUROPEAN PARLIAMENT AND THE COUNCIL 

MACAO SPECIAL ADMINISTRATIVE REGION: 

ANNUAL REPORT FOR 2023 

Summary 

Since the handover of Macao to the People’s Republic of China in 1999, the European Union 
(EU) and its Member States have closely followed political and economic developments in the 
Macao Special Administrative Region (SAR) under the ‘one country, two systems’ principle. 
The  EU  supports  this  principle  and  its  implementation,  in  accordance  with  the  Basic  Law, 
intended to ensure that the way of life, rule of law and protection of fundamental rights and 
freedoms in Macao remain unchanged until 2049. 

This annual report, which covers the year 2023, is issued in line with the commitment made to 
the European Parliament in 1999. 

The erosion of Macao’s  high  degree of autonomy and of the rights and freedoms that were 
meant to be protected until at least 2049 continued in 2023. 

In  2023,  Macao  adopted  several  new  laws  implementing  the  political  doctrine  of  ‘patriots 
ruling Macao’, including an amendment to the National Security Law of 2009 and an update 
of the Electoral Law for the Chief Executive. The ‘Amendment to the Electoral Law for the 
Legislative Assembly of the Macao Special Administrative Region’ passed the first reading in 
the  Legislative  Assembly  on  4 December.  The  new  laws  further  curtail  pluralism  in  both 
politics and wider society. 

The Macao economy returned to growth after a strong contraction in 2022. In the first three 
quarters  of  2023,  GDP  increased  by  77.8%  year-on-year.  This  was  supported  by  tourists 
returning  after  the  lifting  of  strict  COVID-19  restrictions  in  Macao  and  mainland  China. 
However, Macao’s economy has yet to recover to pre-pandemic levels. GDP is down 22.6% 
from 2019 levels, the number of visitors down 28% and gaming revenues down 37.4%. Macao 
has relatively low unemployment (2.7%) and inflation (0.9%). 

The EU remained Macao’s largest trading partner in goods (2023) and its fourth-largest 
source of foreign investment (2022). 

The  EU  Office  to  Hong  Kong  and  Macao  resumed  contacts  with  Macao  as  soon  as  the 
authorities lifted travel restrictions between Hong Kong and Macao in early February. The EU 
Office organised an event on trade and sustainability together with the European Chamber of 
Commerce, attended by Macao’s Secretary for Economy and Finance. 

I. 

Political and social developments 

In 2023, the Macao  Legislative Assembly passed several  bills  proposed  by the government 
with the stated goal of implementing the doctrine of ‘patriots ruling Macao’, further curtailing 
pluralism. 

1 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
On  18 May,  the  Macao  Legislative  Assembly  passed  the  second  and  final  reading  of  the 
‘Amendment to Law No 2/2009 – Law on the Safeguarding of National Security’ (National 
Security Law). The law entered into force on 30 May. As of 31 December 2023, it had not yet 
been applied. 

The amendment was introduced after the imposition of a National Security Law on Hong Kong 
by the central government in 2020. As in the case of Hong Kong, the amendment has extended 
the scope of the Macao National Security Law. 

The legal definition of ‘secession’ in the updated law, for example, extends to ‘non-violent’ 
actions. Previously, only ‘violent and other serious illegal actions’ were covered. The scope of 
the ‘subversion’ charge has also been extended to include the state regime, i.e. the socialist 
system under the leadership of the Communist Party of China, not just the Central People’s 
Government. Instead of only regulating the activities of ‘foreign political entities’ endangering 
national security, the law now covers activities by ‘entities outside Macao’. The law also now 
applies outside the territory of Macao. The maximum prison sentence remains 25 years. Unlike 
in Hong Kong, the central government had not set up a National Security Office in Macao by 
the end of 2023. 

On 23 March, the Macau Journalists Association submitted a commentary on the draft bill to 
the  legislature.  In  it,  the  association  stated  that  the  proposed  bill  ‘may  significantly  impact 
Macao’s  freedom  of  press  and  expression  and  the  public’s  right  to  know’  as  some  legal 
definitions contained ‘ambiguity’. 

On  14 December,  the  Legislative  Assembly  passed  the  second  reading  of  the  ‘Law  on  the 
Protection of State Secrets’ as an extension of the amendment to the National Security Law. 
The new law gives the Chief Executive the authority to determine if a matter constitutes ‘state 
secrets’ and the length of time for which it should remain confidential. It also lists eight matters 
that should be considered state secrets if their disclosure could undermine national security and 
interests,  including  ‘secret  items  in  a  major  decision’  of  the  Macao  Government  and  secret 
items pertaining to action taken by the Macao Government to safeguard national security and 
investigate criminal offences. The law will take effect on 1 June 2024. 

Also  on  14 December,  the  Legislative  Assembly  passed  the  second  reading  of  the 
‘Amendment to Law No 3/2004 ‒ Electoral Law for the Chief Executive’. The law came 
into force on 1 January 2024. Earlier, on 4 December, the Legislative Assembly passed the first 
reading  of  the  ‘Amendment  to  the  Electoral  Law  for  the  Legislative  Assembly  of  the 
Macao Special Administrative Region’. In the consultation document for the two bills, the 
government justified the legal updates by citing the need to further the implementation of the 
principle of ‘patriots ruling Macao’ and ‘new requirements and new challenges in the area of 
safeguarding national security’. 

The  amended  electoral  laws  introduced  vetting  mechanisms  into  the  elections  of  the  Chief 
Executive, the Chief Executive Election Committee and the Legislative Assembly. Macao’s 
National Security Committee will now issue ‘legally binding opinions’ to the Electoral Affairs 
Commission to determine if candidates standing in these three elections uphold the Basic Law 
and pledge allegiance to the Macao Special Administrative Region (SAR). The decision is not 
subject to judicial appeal. 

2 

 
 
 
 
 
 
 
 
 
Macao already has a National Security Committee, set up in 2018 under the National Security 
Law.  Chief  Executive  Ho  Iat  Seng  serves  as  its  chair,  with  Zheng  Xincong,  Director  of 
Beijing’s  Liaison  Office  in  Macao,  as  the  National  Security  Affairs  Adviser  and  two  other 
members of the Liaison Office as National Security Technical Advisers. The new arrangement 
gives Beijing officials a say in Macao’s local elections. 

The law adopted to amend the electoral system for the Chief Executive and the proposed bill 
on the Legislative Assembly electoral system set out seven criteria for the National Security 
Committee to consider when examining a candidate’s eligibility to stand for election. 

A candidate found not to be upholding the Macao Basic Law or not pledging allegiance to the 
Macao SAR of the People’s Republic of China is banned from standing for election for 5 years. 
Inciting others not to vote, casting blank votes and spoiling one’s vote have become offences 
under this amendment, subject to a maximum punishment of 3 years in prison. 

During  the  legislative  process  for  these  amendments,  the  government  organised  a  45-day 
consultation between 15 June and 29 July. It organised eight consultation sessions, including 
two  that  were  open  to  the  public.  It  received  a  total  of  571  submissions,  including  6 112 
suggested courses of action, 2 439 of which were related to the Electoral Law for the Chief 
Executive and 3 673 to the Electoral Law for the Legislative Assembly. The submissions were 
overwhelmingly in favour of the amendments, according to the consultation report. 

On  14 November,  the  Chief  Executive  announced  in  his  annual  policy  address  that  the 
government  would  table  a  law  regulating  the  swearing-in  of  public  officials  in  2024,  the 
‘Amendment  to  Law  No.  4/1999  –  Law  on  oaths  upon  taking  office’,  citing  the  need  to 
further implement the political doctrine of ‘patriots ruling Macao’.  

The Chief Executive visited Portugal, Luxembourg and Belgium between 18 April and 27 
April 2023.  

Meanwhile,  the  Portuguese  community  in  Macao  in  the  past  year  faced  difficulties  in 
obtaining residency permits. On 1 October, the Chief Executive stated that Macao and Lisbon 
held  different  views  on  whether  Portuguese  citizens  could  receive  Macao  resident  identity 
cards  immediately  upon  arrival  and  whether  they  could  obtain  permanent  residency  after  7 
years. 

Although  Portuguese  is  an  official  language  of  Macao,  in  March  lawmaker  Che  Sai  Wang 
publicly deplored the fact that the executive, legislative and judicial bodies were characterised 
by constant limitations on its use. 

In June, the Secretary for Social Affairs and Culture presented a plan launching a four-year 
Portuguese  language  course  for  students  studying  in  forms  3  (students  age  14-15)  and  4 
(students age 15-16) who plan to do an undergraduate degree in Portugal, to prepare them for 
further Portuguese language studies. 

On 14 December, the US Congress passed the 2024 National Defense Authorization Act listing 
the People’s Republic of China, including Macao, as a ‘foreign adversary’, on a par with Cuba, 
Iran, North Korea, Russia and Venezuela. 

Impact of the COVID-19 pandemic 

3 

 
 
 
 
 
 
 
 
 
 
 
 
On 6 February, all COVID-19 travel restrictions between mainland China, Macao and Hong 
Kong ended. On 27 March, the mobile application ‘Macau Health Code’ became obsolete. On 
28 April, the authorities dropped the remaining requirement to wear masks on public transport. 

Rights, freedoms and equal opportunities 

On  15  and  16 February,  the  United  Nations  Committee  on  Economic,  Social  and  Cultural 
Rights considered the third periodic report of Macao on the implementation of the International 
Covenant  on  Economic,  Social  and  Cultural  Rights.  Subsequently,  on  22 March,  the 
Committee published its concluding observations1. 

The Committee urged Macao to  ‘establish  an independent  national  human rights  institution 
with a broad mandate in line with the principles relating to the status of national institutions 
for the promotion and protection of human rights’. The Committee also urged Macao to amend 
the domestic violence law with a view to including same-sex couples in it. It also urged Macao 
to extend minimum wage protection to domestic helpers and pass legislation to regulate the 
right to form and join trade unions and the right to strike. 

On  12 May,  the  United  Nations  Committee  on  the  Elimination  of  Discrimination  against 
Women reviewed the third periodic report of Macao on the implementation of the Convention 
on the Elimination of All Forms of Discrimination against Women. On 31 May, the Committee 
published its concluding observations2. 

The  Committee  urged  Macao  to  improve  the  collection  of  evidence  for  suspected  domestic 
violence cases and the provision of shelter for women who are victims of domestic violence. It 
recommended that Macao ensure the effective investigation and prosecution of acts of gender-
based violence against women, and ensure that the perpetrators are adequately punished. It also 
recommended  that  Macao  collect  data  on  the  use  of  protection  and  assistance  measures 
provided by the Social Welfare Bureau and the penalties handed down by judges. 

On labour rights, the Legislative Assembly passed the first reading of the Trade Union Law 
on 16 January. No lawmaker voted against it, but several members of the Legislative Assembly 
criticised  the  draft  bill  for  ‘having  significantly  reduced  labour  rights  and  guarantees’  and 
considered it ‘half-hearted’. The Second Standing Committee of the Legislative Assembly has 
since been reviewing it. On 27 June 2023, Committee chair Chan Chak Mo announced that it 
would be sent to the plenary for further review by 15 August 2023. As of 31 December 2023, 
there had been no further update on the draft bill. 

The revision of the minimum  wage law was  approved, increasing  the minimum  wage from 
MOP 32 (EUR 3.73) per hour to MOP 34 (EUR 3.97) per hour. 

Freedom  of  assembly  continued  to  suffer.  On  3 May,  the  Secretary  for  Security  said  that 
equating the existence of a 1 May protest with a free Macao was ‘illogical’, pointing out that 
the existence of political protests bore no relationship to Macao’s vitality. On 5 May, the chair 
of  the  Bar  Bending  Industry  Workers  Union  disclosed  that  he  had  had  to  withdraw  an 

1 https://digitallibrary.un.org/record/4007077 
2 
https://tbinternet.ohchr.org/_layouts/15/treatybodyexternal/Download.aspx?symbolno=CEDAW%2FC%2FCHN%2FCO%2
F9&Lang=en 

4 

 
 
 
 
 
 
 
 
 
 
 
 
application to organise a protest on 1 May, International Workers’ Day, under pressure. The 
unionist  said  that  plain-clothed  police  officers  had  followed  him  for  days  while  others  had 
urged him to act in the public interest. 

Au  Kam  San,  one  of  the  leaders  of  the  disbanded  Macao  Democratic  Development  Union, 
which  used  to  organise  the  annual  4 June  Tiananmen  vigil,  told  media  that  the  public 
commemorations  would  not  return.  As  the  government  prepared  for  the  amendment  to  the 
National  Security  Law  in  2022,  the  Union  started  to  disband,  highlighting  the  fragility  of 
freedom of association in Macao. 

Freedom  of  the  press  remained  under  strain.  On  1 September,  the  Macau  Journalists 
Association  said  that  the  police  had  simplified  the  information  released  about  accidents, 
making it difficult for journalists to judge their importance and newsworthiness. 

There  have  been  attempts  by  members  of  civil  society  to  raise  awareness  of  the  rights  of 
LGBTI+ people in the past year. The first Macau International Queer Film Festival took place 
between 3 and 12 February. 

On 15 June, the US State Department released its annual Trafficking in Persons Report. Macao 
remained at tier 3. Its authorities refuted the report, saying it was ‘once again based on unreal 
information  and  data,’  and  made  a  ‘capricious  judgment’  about  their  efforts  to  prevent  and 
combat human trafficking. 

II. 

Economic developments 

The GDP of Macao increased by 77.8% year-on-year3 in the first three quarters of 2023, to 
MOP 253 billion (EUR 28.7 billion)4. This was 22.6% lower than the same period in 2019, 
showing  that  Macao’s  economy  has  yet  to  return  to  what  it  was  before  the  COVID-19 
pandemic. In 2022, its GDP contracted by 26.8%. 

In October, the International Monetary Fund forecast that Macao’s economy would grow by 
27.2%  for  the  full  year  20235.  This  was  the  highest  forecast  growth  by  the  International 
Monetary  Fund  in  high-income  countries  in  Asia,  explained  by  the  strong  contraction  in 
previous years. 

The growth in 2023 was supported by the end of the strict COVID-19 restrictions in Macao 
and mainland China and the resulting return of tourists. A total of 28.3 million people visited 
Macao during the year (67.5% of them from mainland China). This is an increase from 5.7 
million in 2022, but still 28% below 2019 levels, when 39.4 million people visited Macao. The 
average hotel occupancy rate was 81.2% in 2023, up from 38.5% in 2022 but still below the 
90.1% it was in 2019. 

Gaming  and  related  industries  were  the  largest  contributors  to  Macao’s  economy,  due  in 
large  part  to  tourists.  In  2023,  gaming  revenues  increased  to  MOP 183.7 billion  (EUR 20.8 

3 Source: Statistics and Census Service, Government of Macao Special Administrative Region (SAR). 
https://www.dsec.gov.mo/en-US/Statistic?id=901 
4 Exchange rate of December 2023 
https://commission.europa.eu/funding-tenders/procedures-guidelines-tenders/information-contractors-and-
beneficiaries/exchange-rate-inforeuro_en 
5 World Economic Outlook by the International Monetary Fund: 
https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023 

5 

 
 
 
 
 
 
 
 
 
 
 
 
billion),  up  from  MOP 42.8  billion  in  2022,  but  37.4%  less  than  the  MOP 293.3  billion 
(EUR 33.2 billion) they generated in 2019. 

The unemployment rate was 2.7% in 2023, compared to 3.7% in 2022 and 1.7% before the 
pandemic. 

Inflation remained low, with an average composite consumer price index increase of 0.9%. 

Thanks to the economic recovery, Macao’s fiscal situation improved considerably. In the first 
11 months of 2023, the government recorded a fiscal surplus of MOP 22.1 billion (EUR 2.5 
billion), having recorded a deficit of MOP 21.0 billion (EUR 2.4 billion) in the same period in 
2022. Fiscal reserves amounted to MOP 573.5 billion (EUR 65 billion) at the end of November, 
a 2.6% year-on-year increase but 2.8% lower than before the pandemic. Reserves are sufficient 
to cover 6 years of government expenditure. 

In  2022,  foreign  direct  investment  (FDI)  in  Macao  reached  MOP 367  billion  (EUR 41.6 
billion),  a  5.8%  year-on-year  increase.  Hong  Kong  and  mainland  China  were  the  largest 
sources of FDI, with 42.4% and 37.4% of the total respectively (excluding investments from 
offshore centres). 

Economic policy 

On the economic front, the Chief Executive’s annual policy address in November focused on 
economic recovery and continuing economic diversification and integration  into the Greater 
Bay Area (GBA). Residents continue to benefit from the Wealth Partaking Scheme introduced 
in  2008,  with  MOP 10 000  (EUR 1 133)  for  Macao  permanent  residents  and  MOP 6 000 
(EUR 680) for non-permanent residents. To support childbirth, a MOP 5 418 (EUR 614) birth 
allowance will be distributed to parents. The government is also developing new infrastructure, 
including  a  transport  connection  with  Hengqin,  an  additional  Macao-Taipa  cross-harbour 
bridge, and public housing, and it is expanding Macao International Airport. 

Macao’s economic diversification strategy aims to develop industries such as non-gaming 
tourism,  conventions  and  exhibitions  (meetings,  incentives,  conferences  and  exhibitions 
(MICE)), healthcare (including traditional Chinese medicine), financial services, science and 
technology, trade, culture and sports. In November, the government released the Development 
Plan for Appropriate Economic Diversification (2024-2028), outlining policies and initiatives 
to bring the contribution of non-gaming industries to 60% of GDP by 2028. Following a reform 
of Macao’s gaming establishments last year, gaming establishment owners had to commit to 
making non-gaming investments in line with the diversification strategy. In his policy address, 
the Chief Executive announced that the government would ensure that gaming establishment 
owners implemented their investment plans. According to the industry, an obstacle to economic 
diversification  is  the  lack  of  a  diversified  talent  pool  in  Macao.  His  address  also  proposed 
initiatives to address this, including measures to attract international talent. 

Regarding financial services, the authorities aim to develop a local bond market (including 
green bonds and bond listings by mainland institutions and companies), wealth management 
and  financial  leasing  activities,  investment  banking,  and  cross-border  renminbi  settlement 
schemes. In 2023, the financial system legal framework was amended to spur the industry’s 
growth.  As  of  September  2023,  the  value  of  outstanding  bonds  issued  or  listed  in  Macao 
reached  MOP 447  billion  (EUR 50.6  billion).  According  to  the  Chief  Executive’s  policy 

6 

 
 
 
 
 
 
 
 
 
 
address,  Macao  will  prioritise  the  development  of  the  bond  market,  continue  to  amend 
regulations (including through a new Securities Law), promote fintech and consider bringing 
in tax incentives for asset management companies. 

In terms of environmental policies, an electric vehicle promotion scheme was launched, the 
import of non-degradable disposal plastic cutlery was prohibited, and an incineration centre 
and a food waste treatment centre are being built. 

Economic integration with mainland China 

With regard to mainland China, Macao is positioning itself as a centre for tourism and leisure 
(including multi-destination  tourism in the GBA) and developing as a hub for business  and 
financial services, notably between mainland China and Portuguese-speaking countries. 

The  Guangdong-Macao  Intensive  Cooperation  Zone  in  Hengqin  comprises  about  100 
square  kilometres  in  Guandong  province  in  mainland  China,  jointly  administered  by 
Guangdong and Macao6. It aims to enable Macao’s economic diversification and  further its 
economic and legal integration into mainland China and the GBA. 

In  2023,  policies  were  formulated  to  further  facilitate  integration.  These  include  allowing 
clearance and the launching of a legal services cluster (nine public legal service institutions 
providing  legal  services  for  businesses  and  residents).  A  residential  project  was  completed 
(‘Macao New Neighbourhood’) with 4 000 residential units, commercial spaces and facilities. 
In his policy address, Macao’s Chief Executive proposed to bring the regulations and policies 
of  Macao  and  Hengqin  more  closely  into  line  with  each  other.  This  included  measures  to 
facilitate  the  flow  of  people,  goods  and  capital,  the  joint  organisation  of  conventions  and 
exhibitions, and cooperation on traditional Chinese medicinal technology. 

III.  Relations between Macao and mainland China 

The Chinese Government underwent a leadership reshuffle in the annual plenary sessions of 
the National People’s Congress and the Chinese People’s Political Consultative Conference, or 
the Two Sessions, in March 2023. This resulted in a series of changes  of staff dealing with 
Macao. 

Ding  Xuexiang,  a  member  of  the  Politburo  Standing  Committee  of  the  Communist  Party, 
became the Vice Premier and the head of the Central Leading Group on Hong Kong and Macao 
Affairs. Former Chief Executive Edmund Ho kept his seat as vice-chair of the Chinese People’s 
Political Consultative Conference. 

On 11 March, Kou Hoi In, the chair of the Legislative Assembly, succeeded Ho Iat Seng as 
Macao’s sole representative on the Standing Committee of the National People’s Congress. Ho 
had resigned in 2019 to run for the position of Chief Executive. 

On 6 April, Yu Changjiang, commander of the Sansha military garrison in Hainan Province, 
was appointed commander of the Chinese People’s Liberation Army Garrison in Macao. 

6 The Guangdong-Macao Intensive Cooperation Zone is on the southern edge of the mainland Chinese city of Zhuhai. Only a 
small strip of water separates the zone from Macao, and a bridge links the two. 

7 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alongside these changes, on 16 March Beijing announced its plan to elevate the Hong Kong 
and Macao Affairs Office under the State Council to the Hong Kong and Macao Work Office 
of the Communist Party of China’s Central Committee. On 27 October, the website of the new 
Office listed its 11 main responsibilities, including consolidating the coordination of Macao 
and Hong Kong affairs, supervising the implementation of research into and the investigation 
of important matters, making the Chief Executives more accountable to the central government, 
and strengthening the constitution and national security. 

Between 23 May and 26 May, Xia Baolong, the Director of the Hong Kong and Macao Affairs 
Work  Office,  visited  Macao.  During  the  four-day  visit,  Xia  attended  over  30  meetings  and 
events.  The  audience  included  government  officials,  members  of  the  judiciary  and  the 
legislature, patriotic figures, local members of the National People’s Congress and the Chinese 
People’s Political Consultative Conference, and representatives from the legal, financial and 
education sectors. Xia also visited universities, research and development bases and medical 
facilities. 

In February, the Secretary for Security said that there was a need to reach an agreement with 
the mainland on judicial cooperation that would include the possibility of extraditing people 
accused of having committed a crime. 

On 1 March, the new Guangdong-Macao Intensive Cooperation Zone regulations took effect. 
According  to  the  Standing  Committee  of  the  Guangdong  Provincial  People’s  Congress,  the 
regulations  cover  eight  chapters  and  focus  on  six  aspects:  administration;  planning, 
construction  and  management;  industrial  development;  helping  Macao  residents  living  and 
working in the zone; promoting the integration of Hengqin and Macao; and legal protection. 

IV.  Macao bilateral relations and cooperation in 2023 

The 1992 Agreement for Trade and Cooperation between the European Economic Community 
and  Macao  aimed  to  further  strengthen  the  relationship  between  the  EU  and  Macao.  The 
agreement covers trading, economic, scientific and technological cooperation. 

The  EU-Macao  Joint  Committee  is  a  platform  through  which  Macao  and  the  EU  discuss 
matters in a number of areas. The last Joint Committee meeting took place in 2019. However, 
visits to and from Macao did not resume until 2023. 

In February, the Head of the EU Office visited Macao for the first time in 2 and a half years. 

On 27 April, the Macao Chief Executive met the Deputy Secretary-General for Economic and 
Global Issues at the European External Action Service as part of his visit to Europe. 

On 23 November, the EU Office, together with the Macau European Chamber of Commerce, 
organised the ‘Green Way Macao’, an event on trade and sustainability. Macao’s Secretary for 
the Economy and Finance delivered the keynote speech. 

In 2023, the EU remained Macao’s largest trading partner in goods, ahead of mainland 
China and accounting for 29% of Macao’s total trade. 

8 

 
 
 
 
 
 
 
 
 
 
 
 
 
Based on Eurostat data, EU bilateral trade in goods with Macao in the first 11 months of 
2023 amounted to EUR 1 036 million. EU exports to Macao consisted mostly of luxury goods, 
leather articles, clothing and apparel, and watches and jewellery. 

The  EU  was  Macao’s  fourth  largest  source  of  foreign  direct  investment  (FDI)  in  2022 
(excluding  offshore  centres),  after  Hong  Kong,  mainland  China  and  the  US.  According  to 
Macao’s official statistics, the EU accounted for 5.5% of its total FDI stock in 2022 (excluding 
offshore centres). According to Eurostat, EU FDI in Macao accounted for EUR 1.52 billion at 
the end of 20227, while FDI in the EU from Macao amounted to EUR 1.86 billion. 

7 Eurostat statistics 
https://ec.europa.eu/eurostat/data/database 

9