China's trade in services grows by 10%

The value of China's trade in services grew by 10 percent year-on-year to 6.57 trillion yuan ($915.29 billion) in 2023, data from the Ministry of Commerce showed.

In the meantime, China's service exports amounted to 2.69 trillion yuan, a drop of 5.8 percent on a yearly basis, while imports totaled 3.89 trillion yuan, surging 24.4 percent year-on-year, resulting in a service trade deficit of 1.2 trillion yuan.

China saw the import and export of knowledge-intensive services reach 2.72 trillion yuan last year, an increase of 8.5 percent year-on-year.

The sector of travel services generated a total value of 1.49 trillion yuan in China last year, marking a remarkable year-on-year growth of 73.6 percent. Notably, the sector's exports surged 59.2 percent on a yearly basis, while imports experienced a significant increase of 74.7 percent year-on-year.

In contrast to goods trade, trade in services refers to purchase and sale of services. According to the World Trade Organization's definition, trade in services covers 12 major sectors. These include commerce, communication, construction and related engineering, finance, entertainment, culture, sports, tourism, education and environment.

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