The US trade war has not had a significant impact on Macau, but the city will explore more business opportunities in Southeast Asian countries to diversify its economy, its leader has said.
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Macau Chief Executive Sam Hou-fai said in a media briefing on Sunday that while the city would inevitably be affected by the US tariffs targeting China, the impact would be small.
“The city will be indirectly affected by the trade war,” he said, adding the impact of the tariffs on other countries could affect tourism in Macau, driving down visitor spending.
He noted the government had some investments in US dollar assets and was highly concerned about the associated risks.
But the government had diversified the risks, and the value of Macau’s annual exports to the United States, primarily consisting of souvenirs, was about 300 million patacas, he said.
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“It indicates that the city’s dependence on the country is not strong and the direct impact is minimal,” Sam said.
Sam also said Macau would collaborate with industries in Southeast Asian countries to develop tourism markets.