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The relationship between France and Macao has grown stronger and stronger over the last few years, relying mainly on the insatiable appetite of the Macao market for French luxury consumer goods. The potential remains very important when factoring in the robust growth of Macao economy and the many complementarities that go beyond consumer goods (e.g. in the service industry).

 
 1.France ranks 1st “non Chinese” supplier of Macao thanks to its leading position on luxury goods
  
  
 Main suppliers of Macao (excl. Mainland China)
  
 

(in million MOP)




(in % market share)

  

 

  
  
 Macao-France bilateral trade
  
 

(in million MOP)

 

 

Source: Department of Statistics and Census Service (DSEC)

  
  
 Top-2 suppliers for selected goods in 2011
  
  
    

n°1 Supplier

  

n°2 Supplier

 

Food & Beverages

 

France (31%)

 

Mainland (20%)

 

Garment & Footwear

 

Mainland (31%)

 

France (17%)

 

Cars & Motorcycles

 

Japan (31%)

 

Germany (31%)

 

Raw Materials & Semi-manufactures

 

Mainland (45%)

 

Hong Kong SAR (10%)

 

Capitial Goods

 

Mainland (44%)

 

USA (19%)

  
  
 2.The bilateral relationship also relies on a significant, albeit difficult to assess, presence of French companies in Macao SAR
 

Trade is only one part of the story. In today’s globalized economy you have to take into account cross-border investment to truly grasp the extent of the economic relationship between two territories. This is all the more relevant for Macao’s economy, whose liberalization in the early 2000s has attracted a wave of Foreign Direct Investment (FDI) inflows in the gambling and hospitality sectors. Hence FDI stock in Macao has quadrupled from 28 to 109 billion MOP between 2003 and 2010. Over the same period, 25 000 new companies have registered in Macao.

According to the Macao statistics office (DSEC), the main investors in Macao are Hong Kong, the USA and Mainland China (amounting to respectively 36%, 20% and 11% of total FDI received). By those figures, France does not appear to be a major investor.

However, we have reasons to believe that those figures (which are the only available statistics on cross-border investments) underestimate by a very large extent the presence of French companies in Macao. This can be explained by the narrow coverage of FDI statistics (e.g. French founded companies are excluded if the funding is local and there is no capital injection from France). Another issue is the role of financial intermediaries between French investors and Macao, such as Hong Kong, Singapore or Luxemburg, which can heavily skew the bilateral figures. All in all, we must accept the fact there is simply no reliable figure by which we could assess French companies’ activity in Macao.

That said, the FMBA membership base tells us something that these statistics cannot: many French companies are active in Macao SAR and more and more so, especially in sectors which are buoyed by the economic boom: tourism, infrastructure and utilities, luxury products, etc. This website is a testimony to those companies (plus those who have not joined the association yet) and to their diversity: from the subsidiaries of multinational groups to the self-entrepreneurs which have locally set up their business in Macao, the whole gamut is represented within the association.

  
  
 Macao FDI stock
  
 

(in billion MOP)

  
  
 Macao FDI flows
  
 

(in million MOP)

 

Source: Department of Statistics and Census Service (DSEC)

  
  
You may find more information from http://www.dsec.gov.mo/Statistic.aspx