In the first half of 2023, trade in services in China maintained a growing trend. Import and export of services totaled RMB3.13584 trillion, up 8.5% from the same period last year. In breakdown, service export reached RMB1.32322 trillion, down by 5.9%; service export reached RMB1.81262 trillion, up by 22.1%; service trade deficit stood at RMB489.4 billion. The main characteristics of service trade development are as follows:
The share of knowledge-intensive service trade increased. In the first half of this year, import and export of knowledge-intensive services totaled RMB1.36392 trillion, up by 12.3% from the same period last year, accounting for 43.5% of the aggregate, an increase of 1.5 percentage points. In break down, the export of knowledge-intensive services reached RMB792.34 billion, up by 16%; the import of knowledge-intensive services reached RMB571.58 billion, up by 7.5%.
Travel services saw a sharp rebound. In the first half of this year, import and export of travel services totaled RMB650.94 billion, up by 65.4 %, faster than other areas in service trade. In breakdown, export grew by 52.4%, import grew by 66.4%.
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