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Head of Department of Service Trade of MOFCOM on development of service trade from January to August 2023

In the first eight months of 2023, China’s service trade continued to grow. The total import and export of services amounted to RMB4253.37 billion (RMB, same below), a year-on-year increase of 8%. Among them, the service export was RMB1767.31 billion, down 7.4%. The import reached RMB2486.06 billion, up 22.5%. The service trade deficit reached RMB718.75 billion. The main features are as follows:

The share of trade in knowledge-intensive services increased. From January to August, the import and export of knowledge-intensive services was RMB1813.94 billion, an increase of 10.4% year-on-year, accounting for 42.6% of total service import and export and up 0.9 percentage points over the same period of last year. Among them, the export of knowledge-intensive services was RMB1051.36 billion, an increase of 13.1% and the import was RMB762.58 billion, up by 6.9%.

The travel services continued to recover. From January to August, China’s import and export of travel services amounted to RMB919.99 billion, an increase of 69.5% year-on-year, the fastest growing sector in services trade. Among them, export and import increased by 54.9% and 70.7% respectively.

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