Trade
In 1999, Macau's free-market economy produced total exports of US$2.2 billion (MOP 17.6 billion) and consisted mainly of textiles and garments, toys, electronic goods, and footwear. Total imports for the same period reached US$2 billion (MOP 16.3 billion), and consisted mostly of raw materials and semi-manufactures, consumer goods, capital goods, and mineral fuels and oils. Total reexports were about US$317 million (MOP 2.5 billion). In 1999 positive growth rates were seen in all three categories. Principal import trade partners in 1999 were China (35.7%), Hong Kong (18.1%), the European Union (12.9%), Taiwan (9.5%), Japan (6.7%), the United States (5.1%), and other countries (12%). Exports went to the United States (47%), the European Union (30.2%), China (9.2), Hong Kong (6.8%), and other countries (6.8%).
In the second half of the 20th century, Macau's economy was diversified with the development of light industry, the influx of migrants from mainland China to serve as a labour force, and increased tourism. Portugal's efforts to develop economic and cultural links between Macau and Brazil and Portuguese holdings in Africa, however, were not successful. Economic ties to the European Union and Taiwan are considered important aspects of Macau's economic role as part of the People's Republic of China. Direct access to the neighbouring Zhuhai Special Economic Zone facilitates trade with mainland China. As a special administrative region, Macau functions as a free port and as a separate customs territory.
Read more about this topic: Economy Of Macau
Famous quotes containing the word trade:
“My own experience has been that the tools I need for my trade are paper, tobacco, food, and a little whisky.”
—William Faulkner (1897–1962)
“With respect to a true culture and manhood, we are essentially provincial still, not metropolitan,—mere Jonathans. We are provincial, because we do not find at home our standards; because we do not worship truth, but the reflection of truth; because we are warped and narrowed by an exclusive devotion to trade and commerce and manufacturers and agriculture and the like, which are but means, and not the end.”
—Henry David Thoreau (1817–1862)
“...to many a mother’s heart has come the disappointment of a loss of power, a limitation of influence when early manhood takes the boy from the home, or when even before that time, in school, or where he touches the great world and begins to be bewildered with its controversies, trade and economics and politics make their imprint even while his lips are dewy with his mother’s kiss.”
—J. Ellen Foster (1840–1910)