China’s service trade up 8% in January-September 2023
In the first eight months of this year, trade in services in China grew by 8 percent compared to the same period in 2022, according to the data published by the Commerce Ministry of the People’s Republic of China, Xinhua reports
According to the data, the country’s trade in services reached 4.25 trillion Yuan (about $592.1bn).
In particular, imports of services increased by 22.5 percent year-on-year to 2.486 trillion Yuan, while exports, on the contrary, decreased by 7.4 percent year-on-year to 1.767 trillion Yuan, resulting in a deficit of 718.75bn Yuan during the reporting period.
Trade in knowledge-intensive services in China maintained steady growth in the period, rising 10.4 percent year on year to reach about 1.81 trillion Yuan.
This figure represents 42.6 percent of total service trade in the first eight months of this year – up 0.9 percentage points from a year earlier.
During the same period, there was a noticeable rise in tourism-related services. The total trade value in this sector reached 919.99bn Yuan – an increase of 69.5 percent year on year.
During this period, China’s tourism exports and imports grew year-on-year by 54.9 percent and 70.7 percent, respectively, according to the data.
