Chinese Service Imports, Exports Hit Historic Highs in January to July

Chinese Service Imports, Exports Hit Historic Highs in January to July

Xu Wei

Date: Wed, 09/05/2018 - 19:59 / source:Yicai
Chinese Service Imports, Exports Hit Historic Highs in January to July
Chinese Service Imports, Exports Hit Historic Highs in January to July

(Yicai Global) Sept. 5 -- China’s service industry imports and exports hit historic peaks in the first seven months of the year amid an improved economic situation in the country.

Total overseas trade in the Chinese service industries grew nearly 10 percent to just under CNY3 trillion (443.4 billion), representing an all-time high, official data from the commerce ministry shows. Exports grew close to 15 percent to CNY987.5 billion, while imports grew 7.7 percent to nearly CNY2 billion. This adds up to a trade deficit of CNY100.4 billion (USD14.9 billion).

Specifically speaking, the growth rate of imports from newly emerging service sectors was faster while amount of imports from traditional services still represented half of total sector trade.

Services related to intellectual property royalties, financial services and telecommunication, computer and information were the fastest growing emerging service import sectors, with expansion of 23.7 percent, 23 percent and 20.6 percent, respectively, for the period. Traditional services featuring larger volumes were tourism and transportation, which make up over three-quarters of total service imports.

If calculated in dollars at a rate of USD1 to CNY6.85, China’s total overseas service trade grew 17.2 percent to USD434.4 billion, while specifically exports and imports increased 22.3 percent and 14.9 percent, respectively, to USD144.2 billion and USD290.2 billion.

Editor: William Clegg

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Keywords: Service, MOFCOM