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Head of Department of Service Trade of MOFCOM on development of trade in services in China from January to August 2022

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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