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October services trade deficit at US$20.9b
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CHINA’S foreign service trade deficit narrowed in October while the trade volume dropped, data from the State Administration of Foreign Exchange showed yesterday.
The deficit stood at US$20.9 billion last month, down from US$23.3 billion in September and US$25.4 billion in August.
Income from trade in services stood at US$22.3 billion last month, down from US$23 billion in September. Meanwhile, expenditures totaled US$43.2 billion, less than September’s US$46.3 billion.
Distinct from merchandise trade, 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 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 service trade, including gradually opening up the finance, education, culture and medical sectors. SAFE began releasing monthly data on service trade in January 2014 to improve the transparency of balance of payments statistics.
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