China’s Total Trade in Services Surges by 14.7% in the First Quarter, Driven by Knowledge-Intensive and Travel Services
In a recent report released by the Ministry of Commerce, China’s total trade in services witnessed a substantial growth in the first quarter of 2024, reaching a total of 1.81674 billion yuan, marking a 14.7% increase compared to the same period last year. The data indicates a positive trend in China’s service trade industry, with notable performances in knowledge-intensive and travel services.
Breaking down the numbers, the total value of service exports reached 744.2 billion yuan, showing a 9.4% year-on-year increase. On the other hand, the total service import value stood at 1.07254 billion yuan, reflecting an 18.7% surge compared to the previous year. Despite the growth, there was a service trade deficit of 328.34 billion yuan.
One key highlight from the report is the outstanding performance of knowledge-intensive services, which saw a total import and export volume of 733.26 billion yuan, marking a 5.6% year-on-year increase. The exports of intellectual property royalties and personal cultural and entertainment services witnessed significant growth rates of 34.4% and 19% respectively. Similarly, the imports of personal cultural and entertainment services and other commercial services also showed substantial growth rates of 66% and 15.2% respectively.
Moreover, the travel service industry emerged as a top performer, experiencing a remarkable 42.2% year-on-year growth in the first quarter of 2024. The total import and export volume of travel services reached 480.08 billion yuan, making it the fastest-growing segment in China’s service trade sector.
The Ministry of Commerce attributed these impressive figures to the steady development of China’s services trade and positive shifts in the international market. Looking forward, China remains committed to enhancing the structure of trade in services, fostering international cooperation, and advancing the high-quality development of service trade to capitalize on the momentum seen in the first quarter of 2024.