Ministry of Commerce: Service Trade Volume Reaches 6.57543 Billion Yuan in 2023, a 10% Increase
The Department of Trade in Services of the Ministry of Commerce announced today that the total import and export volume of services in 2023 reached 6.57543 billion yuan, marking a 10% increase from the previous year.
According to the head of the department, the growth of trade in services throughout 2023 has been steady, reaching a record high. The total import and export of services for the year included 2.68566 billion yuan in exports, reflecting a 5.8% decrease, and 3.88977 billion yuan in imports, showing a significant 24.4% increase. The service trade deficit was 1.20411 billion yuan.
Key highlights of the report include the rapid growth of knowledge-intensive service trade, which saw a 8.5% year-on-year increase, reaching 2,719.37 billion yuan. The export of knowledge-intensive services increased by 9%, with insurance services experiencing the highest growth at 67%. Imports of knowledge-intensive services also rose by 7.8%, with personal, cultural, and entertainment services showing the fastest growth at 61.7%. The trade surplus in knowledge-intensive services reached 367.67 billion yuan, marking a 42.35 billion yuan increase from the previous year.
Another notable finding is the rapid growth of travel services, which saw a 73.6% year-on-year increase in 2023, reaching a total import and export volume of 1.48562 billion yuan. Exports of travel services increased by 59.2%, while imports grew by 74.7%.
The data indicates a positive trend in the development of trade in services in China, with various sectors experiencing growth and contributing to the overall increase in service trade volume for the year.
(CCTV reporter Xu Ningning)