From January to August 2022, China’s trade in services continued to grow steadily. The total imports and exports of services amounted to RMB3937.56 billion (RMB, same below), up 20.4% year-on-year. In breakdown, service exports registered RMB1908.24 billion, up 23.1%; imports RMB2029.32 billion, up 17.9%. Growth in service exports outpaced that in service imports by 5.2 percentage points, driving trade deficit in services down by 29.5% to RMB121.08 billion. In August, China’s service exports and imports totaled RMB543.79 billion, up 17.6% year-on-year. The main features are as follows.

Trade in knowledge-intensive services grew steadily. In the first eight months, the imports and exports of knowledge-intensive services amounted to RMB1643.27 billion, an increase of 11.4%. Among them, exports of knowledge-intensive services amounted to RMB929.79 billion, up 15.7%; areas with faster growth in exports were intellectual property royalties and telecommunications computer and information services, up by 24% and 18.4% respectively. Knowledge-intensive service imports registered RMB713.48 billion, up 6.9%; the area with faster growth in imports was insurance services, with a growth rate of 64.4%.

The imports and exports of tourist services maintained growth. In the first eight months, China’s tourist service imports and exports stood at RMB542.66 billion, up 7.1%. Excluding tourist services, China’s service imports and exports grew by 22.8% from January to August, with exports up 24.5% and imports up 20.8%; compared with the same period in 2019, service imports and exports grew by 51.9%, with exports up 67.8% and imports up 36.1%.

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