From January to October 2023, China’s service trade continued to grow. Total imports and exports of services were worth 5,344.53 billion yuan, up 8.7 percent year on year. In breakdown, service export reached 2,182.67 billion yuan, down by 7.4%; service import reached 3,161.86 billion yuan, up by 23.5 percent. China’s service trade ran a deficit of 979.19 billion yuan. It has the following characteristics:

Trade in knowledge-intensive services kept growing. From January to October, imports and exports of knowledge-intensive services reached 2,230.8 billion yuan, up 8.9 percent year-on-year. In breakdown, export of knowledge-intensive services was 1,269.61 billion yuan, up 10.4 percent, and the import of knowledge-intensive services was 961.19 billion yuan, up 7.1 percent.

Travel services recovered rapidly. From January to October, the import and export of travel services reached 1.183.36 billion yuan, up 71.7 percent year on year, outpacing other industries in the service trade. In breakdown, exports grew by 53.8 percent and imports grew by 73.2 percent.

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