In January-May 2024, China’s trade in services continued its rapid growth, with a total volume of RMB 3021.96 billion, up 16% year on year. Exports stood at RMB 1219.56 billion, up 11%, and imports reached RMB 1802.4 billion, up 19.6%, with a deficit of RMB 582.84 billion. The main characteristics are as follows.

Trade in knowledge intensive services continued its upward trajectory. From January to May, trade in knowledge intensive services hit RMB 1189.89 billion, up 6%. Exports stood at RMB 675.31 billion, up 2.8%, with intellectual property royalties and personal culture and entertainment services growing fast, at 17.8% and 15.5%, respectively. Imports of knowledge intensive services went up 10.4% to reach RMB 514.58 billion. Of these, personal culture and entertainment services and other commercial services reported rapid growth rates of 49.4% and 17.2%, respectively.

Travel services grew strongly. From January to May, travel services was the largest segment, growing by 48.4% to RMB 819.72 billion.

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