![[Bilingual Financial News]Ministry of Commerce: my country’s total service import and export volume will increase by 10% year-on-year in 2023 – China Daily Network](http://img3.chinadaily.com.cn/images/202402/02/65bca7e8a3102646a65bb990.jpeg "[Bilingual Financial News]Ministry of Commerce: my country’s total service import and export volume will increase by 10% year-on-year in 2023 – China Daily Network")
China’s Service Trade Reaches Record High in 2023
The Ministry of Commerce has reported that China’s service trade is set to reach a record high in 2023, with the total import and export of services for the whole year at 6.57543 billion yuan, marking a 10% increase from the previous year.
Data released by the Ministry of Commerce on February 1st revealed that the value of China’s trade in services grew by 10 percent year-on-year to 6.57 trillion yuan ($915.29 billion) in 2023. The country’s total service import and export volume for the year was 6.57543 billion yuan, showing a 10% increase from the previous year.
Despite the growth, China saw a service trade deficit of 1.2 trillion yuan, with service exports dropping by 5.8 percent to 2.69 trillion yuan and imports surging by 24.4 percent to 3.89 trillion yuan.
In particular, China’s import and export of knowledge-intensive services reached 2.72 trillion yuan in 2023, an increase of 8.5 percent year-on-year. Additionally, the sector of travel services saw a significant growth, with a total value of 1.49 trillion yuan in China last year, marking a remarkable year-on-year growth of 73.6 percent.
Trade in services, as defined by the World Trade Organization, covers 12 major sectors including commerce, communication, construction and related engineering, finance, entertainment, culture, sports, tourism, education and environment.
The news was originally reported by China Daily.com, with translations and edits by Dani, and reviewed by Qi Lei and Dong Jing.