China’s trade in services exceeded CNY 4.4 trillion in first 10 months
2019-12-10 Source:Hangzhou China

China's import and export of services totaled CNY 4.44 trillion in the first 10 months this year, up 2.6% YoY, according to the Ministry of Commerce; exports grew 9% to CNY  1.58 trillion and imports fell 0.7% to CNY 2.86 trillion.   

An unnamed official with the ministry pointed out the two major characteristics of this year’s service trade. First, the services trade deficit continued to narrow. China's service industry production index increased 7% YoY, laying a good foundation for the rapid growth of service exports, which accounted for 35.5% of total services trade, up 2.1 percentage points YoY. The growth rate of service exports was 9.7 percentage points higher than that of imports, driving the deficit in services trade down by 10.4 percentage points YoY, or CNY 1.49 billion, to CNY 1.29 trillion. Second, the trend to higher-end services trade continues. In the first 10 months, China's import and export of knowledge-intensive services grew 10.7% to CNY 1.51 billion yuan.

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