Export growth offsets falling imports in November trade

The SAR’s merchandise exports rose 0.9% year-on-year to MOP1.14 billion in November 2025, while imports declined 2.0% to MOP11.20 billion, leaving a trade deficit of MOP10.06 billion, according to the Statistics and Census Service (DSEC). Re-exports of travel goods and diamond jewelry surged, but beauty products fell sharply. Domestic exports dropped, with garments down 69.4% but pharmaceuticals and copper rising. Year-to-date, exports increased 2.5%, imports fell 3.7%, and trade deficit reached MOP100.49 billion.