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The head of the Department of Service Trade of MOFCOM on the development of service trade in the first eleven months of 2021

From January to November 2021, China's service trade continued to maintain rapid growth. The total import and export of services was RMB4,676.78 billion (RMB, same below), up 14.7% year-on-year. Among them, the service export was RMB2,236.44 billion, with an increase of 31.5%; the import was RMB2,440.34 billion, up by 2.6%. The growth of service export was 28.9 percentage points higher than that of import, driving down the service trade deficit by 69.9% to RMB203.9 billion, a year-on-year decrease of RMB473.12 billion. Compared with the same period in 2019, the import and export of services decreased by 4%, with a two-year average decrease of 2%, of which export increased by 28.5%, with a two-year average increase of 13.4%, while imports fell by 22%, with a two-year average decrease of 11.7%. In November, China's total import and export of services was RMB478.58 billion, a year-on-year increase of 35.4%. The main features are as follows:

Trade in knowledge-intensive services grew steadily. From January to November, the import and export of knowledge-intensive services reached RMB2,042.83 billion, an increase of 13.5%. Among them, the export of knowledge-intensive services was RMB1,113.79 billion, an increase of 18.1%. The areas enjoying rapid export growth are personal culture and entertainment services, IPR royalties, and telecommunications, computer and information services, growing by 36.2%, 29.3% and 23.3% respectively. The import of knowledge-intensive services was RMB929.05 billion, up by 8.3%. Financial services enjoyed a relatively fast growth of 57%.

The import and export of travel service continued to decline. The impact of COVID-19 on the import and export of travel services continued. From January to November, the import and export of China's travel services were RMB700.52 billion, down by 25.3%, of which the export dropped by 37.5% and the import dropped by 23.7%. Excluding travel services, China's service import and export increased by 26.6% from January to November, of which exports increased by 36.1% and imports increased by 16.8%. Compared with the same period in 2019, the import and export of services increased by 29.3%, of which exports increased by 42.4% and imports increased by 16.5%.



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