China’s services trade shows strong growth, led by travel services

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7th June 2024 – (Beijing) China’s services trade has maintained robust growth in the first four months of 2024, with a notable surge in travel-related services, according to official data released on Friday.

The Ministry of Commerce reported that the country’s services trade reached a total of 2.43 trillion yuan (approximately 341.74 billion U.S. dollars) during the January-April period, marking a 16.8% increase compared to the same period last year.

During this period, services exports amounted to 984.69 billion yuan, reflecting an 11% rise, while services imports experienced a substantial growth of 21.2% year on year, totalling around 1.45 trillion yuan. As a result, there was a trade deficit of 462.58 billion yuan.

The standout performer in China’s services trade was the travel services sector, which emerged as a critical pillar of growth. Imports and exports of travel services surged to 660.03 billion yuan from January to April, demonstrating an impressive year-on-year increase of 48.6%.

Additionally, trade in knowledge-intensive services witnessed a 6.4% year-on-year rise, reaching 963.72 billion yuan, as indicated by the data.

In parallel, official data revealed that China’s total goods imports and exports, measured in yuan terms, expanded by 6.3% year on year during the first five months of this year.