Uncategorized
China’s services trade growth hits 14.6% in Jan-Oct
- BEIJING, 6th December, 2024 (WAM) — China’s services trade saw rapid growth from January to October this year, with a steep increase in the trade of travel-related services, data from the Ministry of Commerce showed on Wednesday.
- In the first 10 months, China’s total trade in services reached almost 6.13 trillion yuan (about US$843.07 billion), a year-on-year increase of 14.6 percent.
- Specifically, services exports hit over 2.54 trillion yuan (about $350.26 billion), up by 16.6 percent, and services imports exceeded 3.58 trillion yuan (about $492.81 billion), up by 13.2 percent, resulting in a deficit of nearly 1.04 trillion yuan (about $142.55 billion).
- According to the ministry, trade in knowledge-intensive services continued to grow in the first 10 months.
- From January to October, the import and export volumes of knowledge-intensive services surpassed 2.36 trillion yuan (about $325.03 billion), increasing by 5.9 percent.
- Among these, the export of knowledge-intensive services was over 1.34 trillion yuan (about $184.66 billion), growing by 5.7 percent. Personal, cultural, and entertainment services, as well as telecommunications, computer, and information services, showed significant growth of 38.7 percent and 8.6 percent, respectively.
- The import of knowledge-intensive services totalled 1.02 trillion yuan (about $140.37 billion), growing by 6.1 percent. Personal, cultural, and entertainment services, along with other business services, showed rapid growth of 34.2 percent and 11.5 percent, respectively.
- Trade in travel-related services skyrocketed 41.2 percent to surpass 1.67 trillion yuan (about $229.97 billion), making it the largest sector in services trade.
- RM / ES
