(Yicai Global) Nov. 3 -- China’s total trade in services fell 15.7 percent in the first nine months of the year, compared with a year earlier, due to the worldwide coronavirus pandemic.

The total came to CNY3.39 trillion (USD508 billion) in the January to September period, the commerce ministry said on its website today.

Exports did better than imports, with the trade deficit halving to CNY591 billion (USD88.5 billion). Exports fell 1.5 percent to almost CNY1.4 trillion, while imports slumped 23.5 percent to nearly CNY2 trillion.

The development of China’s service trade still faces many challenges in the context of a declining world economy, shrinking international demand and trade frictions, the ministry said.

China’s trade in knowledge-intensive services stood at CNY1.49 trillion, a 9 percent gain, accounting for 44 percent of total service trade, an increase of 10 points. Of that, exports rose 8.6 percent to CNY779.5 billion, accounting for 55.7 percent of total exports, up 5.2 points. Imports totaled CNY713.6 billion, a 9.4 percent gain, accounting for 35.8 percent of total imports, an increase of 10.8 points.

The pandemic’s unabated global spread has severely affected travel service trade, which fell 46.3 percent to CNY806.4 billion in the period, dragging down the overall trade figure. Excluding travel services, China’s service trade rose 2.4 percent.

In September, service exports tallied CNY162.5 billion, up 4.1 percent on the year, as the monthly growth rate turned positive.

Editor: Peter Thomas