From January to February, China’s service trade continued to maintain rapid growth. The total import and export of services was RMB953.48 billion (RMB, same below), up 33.5% year-on-year. Among them, the service export was RMB467.58 billion, with an increase of 39.4%; the import was RMB485.9 billion, up by 28.3%. The growth of service export was 11.1 percentage points higher than that of import, driving down the service trade deficit by 57.6% to RMB18.31 billion, a year-on-year decrease of RMB24.91 billion. The main features are as follows:
Trade in knowledge-intensive services grew steadily. From January to February, the import and export of knowledge-intensive services reached RMB382.4 billion, an increase of 17.9%. Among them, the export of knowledge-intensive services was RMB219.69 billion, an increase of 20.3%. The areas enjoying rapid export growth are IPR royalties, telecommunications, computer and information services and other commercial services, growing by 72.1%, 25.7% and 17.1% respectively. The import of knowledge-intensive services was RMB162.71 billion, up by 15%. The import of insurance services enjoyed a fast growth of 124.9%.
The import and export of travel service recovered. From January to February, the import and export of China’s travel services were RMB149.77 billion, up by 16.9%, of which the export dropped by 7.1% and the import rose by 19.1%. Excluding travel services, China’s service import and export increased by 37.2% from January to February, of which exports increased by 41% and imports increased by 32.5%. Compared with the same period in 2019, the import and export of services increased by 59.4%, of which exports increased by 75.3% and imports increased by 42.4%.
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