In the first quarter of 2023, China's trade in services maintained an upward trend. The total import and export of services reached 1.58401 trillion yuan, an increase of 8.7% year-on-year. In breakdown, export reached 680.51 billion yuan, down 4.7%, declining by a narrower margin of 7.1 percentage points compared with January to February; import reached 903.5 billion yuan, up 21.6%; trade in services ran a deficit of 222.99 billion yuan. The main features are as follows:

The share of knowledge-intensive services increased. In the first quarter, the import and export of knowledge-intensive services reached 694.7 billion yuan, an increase of 12.8%, accounting for 43.9% of the total import and export of services, up 1.6 percentage points. In breakdown, knowledge-intensive service export reached 415.57 billion yuan, an increase of 18.7%; insurance services grew rather rapidly, up 276.4%. Knowledge-intensive services import reached 279.13 billion yuan, up 5.1%; the fastest-growing areas were culture and entertainment services, other commercial services, up 35.4% and 20.5% respectively.

Travel services recovered significantly. In the first quarter, the import and export of travel services reached 337.63 billion yuan, an increase of 56.6%. In breakdown, export grew by 38.4%, import grew by 58%.

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