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Foreign service trade deficit widens
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CHINA saw its foreign service trade deficit expand in August, according to statistics released by the State Administration of Foreign Exchange yesterday.
Income from trade in services stood at US$22.8 billion last month, while expenditure was US$48.2 billion, resulting in a deficit of US$25.4 billion.
The deficit was higher than the July total of US$22.5 billion and the US$19.4 billion June deficit.
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 volume grew from US$362.4 billion in 2010 to US$713 billion in 2015, doubling the average international growth speed in the sector.
The country is aiming to increase its service trade volume to more than US$1 trillion by 2020.
The State Council has pledged measures to improve the development of services trade, including gradually opening up the finance, education, culture and medical sectors.
In August, China saw a surplus of US$52.7 billion in foreign merchandise trade, up from US$50 billion in July, according to SAFE.
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