Macau ranks sixth globally in services trade development

Macau ranked sixth worldwide and second in Asia in the Global Services Trade Development Index, maintaining the same positions for a third consecutive year, according to a report released by the Ministry of Commerce’s Chinese Academy of International Trade and Economic Cooperation.

The index evaluates the development of services trade across 79 economies. The United States ranked first, followed by Luxembourg, Ireland, the United Kingdom and Singapore. The Netherlands, Germany, France and Sweden completed the top 10.

Macau also ranked among the top four economies in the index’s industrial foundation category, alongside the United States, Luxembourg and Hong Kong.

The findings were released during the China International Fair for Trade in Services in Beijing, where representatives from Macau promoted the city’s services sector and investment opportunities.

Leong Wa Fung, executive director of the Macau Trade and Investment Promotion Institute (IPIM), said services trade has become a major component of Macau’s economy, with its value equivalent to more than 93% of gross domestic product over the past three years.

Macau’s services exports have also recorded rapid growth in recent years, while the structure and efficiency of services trade have continued to improve, Leong said.

He said the city is working under its 15th Five-Year Plan to deepen the integration of services trade and services consumption as part of efforts to diversify the economy and strengthen its resilience.

IPIM also hosted a booth at the trade fair featuring 15 companies from Macau and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin. The participating businesses operate mainly in healthcare and high technology.

The booth promoted Macau’s services sector, the investment environment in Macau and Hengqin, the city’s convention and exhibition industry, and its role as a platform for commercial ties between China and Portuguese-speaking countries.

Leong also joined representatives from international organizations and other economies for discussions on developments in services trade and consumption.