Ministry of Commerce: From January to July, China's total import and export volume of services was 4446.71 billion yuan, up 8.3% year-on-year

The Zhitong Finance App learned that, according to the Ministry of Commerce, in January-July, China's total import and export volume of services was 4446.71 billion yuan (RMB, same below), an increase of 8.3% over the previous year. Among them, exports amounted to 1773.23 billion yuan, an increase of 17.1%; imports amounted to 2673.48 billion yuan, an increase of 3.2%. The service trade deficit was 902.5 billion yuan, a year-on-year decrease of 176.33 billion yuan.

It mainly presents the following characteristics:

Exports of travel and transport services contributed more than 50% to overall service export growth. In January-July, exports of travel services amounted to 263.61 billion yuan, an increase of 27.7%, and exports of transport services amounted to 363.23 billion yuan, an increase of 27.1%. Among the top five service trade sectors, the growth rate ranked first and second respectively. Exports of travel and transport services contributed 22.1% and 29.9% to overall service export growth, respectively.

Knowledge-intensive services account for more than half of exports. In January-July, imports and exports of knowledge-intensive services amounted to 1960-62 billion yuan, an increase of 6.6%, accounting for 44.1% of the total import and export of services. Exports of knowledge-intensive services amounted to 948.28 billion yuan, an increase of 12.2%, accounting for 53.5% of service exports. Among them, exports of personal cultural and entertainment services and intellectual property royalties grew the fastest, with growth rates of 57.8% and 42.1%, respectively. Imports of knowledge-intensive services amounted to 1012.34 billion yuan, an increase of 1.9%, accounting for 37.9% of service imports.

This article was selected from the “Ministry of Commerce” official website, Zhitong Finance Editor: Liu Jiayin.