China’s Service Trade Grows At 16% In Five Months

China’s service trade continued to grow during the first five months of 2024, with a value up 16 percent year-on-year, with stellar growth in travel services, Xinhua News Agency reported, citing the Ministry of Commerce on Thursday.

The total value of service imports and exports reached 3.02 trillion yuan (about US$415.6 billion).

Exports amounted to about 1.22 trillion yuan, up 11 percent, while imports stood at 1.8 trillion yuan, with a robust growth of 19.6 percent. This resulted in a service trade deficit of about 580 billion yuan.

Maintaining a high growth rate, travel services imports and exports totalled 819.72 billion yuan, a 48.4 percent increase, making it the largest sector in service trade.

The knowledge-intensive service trade continued to expand, with a total of 1.19 trillion yuan in imports and exports, a 6 percent increase.

WAM