In the first eight months of 2023, China’s service trade continued to grow. The total import and export of services amounted to RMB4253.37 billion (RMB, same below), a year-on-year increase of 8%. Among them, the service export was RMB1767.31 billion, down 7.4%. The import reached RMB2486.06 billion, up 22.5%. The service trade deficit reached RMB718.75 billion. The main features are as follows:

The share of trade in knowledge-intensive services increased. From January to August, the import and export of knowledge-intensive services was RMB1813.94 billion, an increase of 10.4% year-on-year, accounting for 42.6% of total service import and export and up 0.9 percentage points over the same period of last year. Among them, the export of knowledge-intensive services was RMB1051.36 billion, an increase of 13.1% and the import was RMB762.58 billion, up by 6.9%.

The travel services continued to recover. From January to August, China’s import and export of travel services amounted to RMB919.99 billion, an increase of 69.5% year-on-year, the fastest growing sector in services trade. Among them, export and import increased by 54.9% and 70.7% respectively.

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