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July 28, 2016

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Foreign service trade deficit rises

CHINA’S deficit in foreign service trade widened in June, according to data from the State Administration of Foreign Exchange released yesterday.

Income from foreign services stood at US$22.3 billion in June, while expenditure was US$41.7 billion, resulting in a US$19.4 billion deficit.

In May, the deficit was US$18.3 billion.

Service trading refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, advertising and accounting.

China’s service trade volume increased from US$362 billion in 2010 to US$713 billion in 2015, double the average international growth rate. The country is aiming to lift its service trade volume to more than US$1 trillion by 2020.


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