Deficit in service trade narrows again
Print Edition
CHINA continued to see a deficit in foreign service trade in May, but the figure narrowed for a second month, official data showed yesterday.
Income from trade in services totaled US$22.6 billion last month, while expenditure was US$41.7 billion, giving a deficit of US$19.1 billion, according to the State Administration of Foreign Exchange.
The deficit narrowed from US$21 billion in March and US$20.3 billion in April. The total deficit in the first five months of 2016 was US$97.1 billion, the data showed.
Distinct from merchandise trade, trade in services refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, construction, advertising, computing and accounting.
China’s service trade grew from US$362.4 billion in 2010 to US$713 billion in 2015, doubling the average international growth pace. The country aims to lift its service trade to over US$1 trillion by 2020.
The State Council has pledged to improve the development of trade in services, including gradually opening up the finance, education, culture and medical treatment sectors.
In May, China saw a surplus of US$48.1 billion in foreign merchandise trade.
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