Gap narrows in foreign services
Print Edition
THE deficit in China’s foreign service trade narrowed in April, the State Administration of Foreign Exchange said yesterday.
Income from trade in services was US$21.9 billion last month, while expenditure was US$42.3 billion, resulting in a deficit of US$20.3 billion.
The difference, however, was lower than US$21 billion reported for March.
Trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing and accounting.
China’s service trade volume grew from US$362.4 billion in 2010 to US$713 billion last year.
The country hopes to increase the total beyond US$1 trillion by 2020.
The State Council has pledged measures to improve the development of trade in services, including opening up the finance, education, culture and medical treatment sectors.
SAFE began issuing monthly data on service trade in 2014 to improve the transparency of balance of payments statistics. Since the start of last year, it has also included monthly data on merchandise trade.
Last month, China saw a surplus of US$44.4 billion in foreign merchandise trade.
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