In January and February, 2024, China’s trade in services grew rapidly, with total imports and exports of RMB1191.07 billion, up 22.8% year-on-year. In breakdown, exports stood at RMB486.17 billion, up 17.9%; imports reached RMB704.9 billion, up 26.5%. Trade in services registered a deficit of RMB218.73 billion, with the following characteristics.

Knowledge intensive services trade grew fast. In January and February, 2024, imports and exports of knowledge intensive services hit RMB464.87 billion, up 14.2%. In breakdown, exports stood at RMB276.65 billion, up 13.4%. In particular, intellectual property royalties and personal culture and entertainment services were up 84.3% and 32.8% respectively. Imports of knowledge intensive services went up 15.4% to reach RMB188.22 billion. Of these, personal culture and entertainment services and other commercial services reported fastest growth of 94.5% and 21.7% respectively. The trade registered a surplus of RMB88.43 billion, up RMB7.65 billion year-on-year.

Travel services showed a strong momentum of growth. In January and February, 2024, travel services kept growing fast, reporting a growth of 51.8% to RMB317.93 billion in total imports and exports, which makes it the largest sector in trade in services.

(All information published on this website is authentic in Chinese. English is provided for reference only.)