China's Service Trade Falls, Deficit Narrows in Q1
DATE:  May 02 2020
China's Service Trade Falls, Deficit Narrows in Q1 China's Service Trade Falls, Deficit Narrows in Q1

(Yicai Global) May 2 -- China's service trade fell during the first quarter of the year due to the novel coronavirus epidemic, but the trade structure has kept improving with a narrowing deficit, data from the Ministry of Commerce (MOC) showed today.

Service trade totaled CNY1.15 trillion yuan (USD164.6 billion) during the period, down 10.8 percent year on year, the MOC said in an online statement.

Service exports amounted to CNY444.28 billion during the first quarter, down 4.1 percent, while imports fell 14.5 percent year on year to CNY708.02 billion.

The service trade deficit stood at CNY263.74 billion during the period, compared with a deficit of CNY365 billion in the first quarter of 2019.

The ministry highlighted strong resilience in China's trade of knowledge-intensive services amid the epidemic, which jumped 7.8 percent year on year.

In contrast to merchandise trade, trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing and accounting.

Editor: Xia Ruirui

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Keywords:   service trade,service export,MOC