China's services trade saw rapid growth from January to October this year, with a steep increase in the trade of travel-related services, data from the Ministry of Commerce showed on Wednesday.
In the first 10 months, China's total trade in services reached almost 6.13 trillion yuan (about 843.07 billion U.S. dollars), a year-on-year increase of 14.6 percent.
Specifically, services exports hit over 2.54 trillion yuan (about 350.26 billion U.S. dollars), up by 16.6 percent, and services imports exceeded 3.58 trillion yuan (about 492.81 billion U.S. dollars), up by 13.2 percent, resulting in a deficit of nearly 1.04 trillion yuan (about 142.55 billion U.S. dollars).
According to the ministry, trade in knowledge-intensive services continued to grow in the first 10 months.
From January to October, the import and export volumes of knowledge-intensive services surpassed 2.36 trillion yuan (about 325.03 billion U.S. dollars), increasing by 5.9 percent.
Among these, the export of knowledge-intensive services was over 1.34 trillion yuan (about 184.66 billion U.S. dollars), growing by 5.7 percent. Personal, cultural, and entertainment services, as well as telecommunications, computer, and information services, showed significant growth of 38.7 percent and 8.6 percent, respectively.
The import of knowledge-intensive services totaled 1.02 trillion yuan (about 140.37 billion U.S. dollars), growing by 6.1 percent. Personal, cultural, and entertainment services, along with other business services, showed rapid growth of 34.2 percent and 11.5 percent, respectively.
Trade in travel-related services skyrocketed 41.2 percent to surpass 1.67 trillion yuan (about 229.97 billion U.S. dollars), making it the largest sector in services trade.
China's services trade surges 14.6 pct in Jan-Oct with tourism boom
China's services trade surges 14.6 pct in Jan-Oct with tourism boom
China's services trade surges 14.6 pct in Jan-Oct with tourism boom
