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Official in charge of the Department of Trade in Services of the Ministry of Commerce gave an overview of the development of trade in services in the first quarter of 2023

In the first quarter of 2023, China's trade in services maintained an upward trend. The total import and export of services reached 1.58401 trillion yuan, an increase of 8.7% year-on-year. In breakdown, export reached 680.51 billion yuan, down 4.7%, declining by a narrower margin of 7.1 percentage points compared with January to February; import reached 903.5 billion yuan, up 21.6%; trade in services ran a deficit of 222.99 billion yuan. The main features are as follows:

The share of knowledge-intensive services increased. In the first quarter, the import and export of knowledge-intensive services reached 694.7 billion yuan, an increase of 12.8%, accounting for 43.9% of the total import and export of services, up 1.6 percentage points. In breakdown, knowledge-intensive service export reached 415.57 billion yuan, an increase of 18.7%; insurance services grew rather rapidly, up 276.4%. Knowledge-intensive services import reached 279.13 billion yuan, up 5.1%; the fastest-growing areas were culture and entertainment services, other commercial services, up 35.4% and 20.5% respectively.

Travel services recovered significantly. In the first quarter, the import and export of travel services reached 337.63 billion yuan, an increase of 56.6%. In breakdown, export grew by 38.4%, import grew by 58%.

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