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:
“Killers, huh? I’d trade the pair of you for a good Camp Fire Girl.”
—Daniel Taradash (b. 1913)
“The profession of magician, is one of the most perilous and arduous specialisations of the imagination. On the one hand there is the hostility of God and the police to be guarded against; on the other it is as difficult as music, as deep as poetry, as ingenious as stage-craft, as nervous as the manufacture of high explosives, and as delicate as the trade in narcotics.”
—William Bolitho (1890–1930)
“I doubt if men ever made a trade of heroism. In the days of Achilles, even, they delighted in big barns, and perchance in pressed hay, and he who possessed the most valuable team was the best fellow.”
—Henry David Thoreau (1817–1862)