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September 21, 2016

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Overseas service trade touches US$451 billion

CHINA’S foreign service trade amounted to 3.01 trillion yuan (US$451 billion) during the first seven months of the year, up 24.6 percent year on year, the Ministry of Commerce said yesterday.

Service trade accounted for 18.2 percent of the country’s total imports and exports in the January-July period. This is 2.8 percentage points higher than 2015. Service exports stood at 1 trillion yuan, up 10.8 percent year on year, and service imports rose 33.5 percent to 2 trillion yuan.

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 is aiming to adjust the structure of its foreign service trade so that it is based on more sophisticated exports, and the data suggest it is succeeding in doing so. Exports of telecommunications, computing and information services grew by 20.8 percent to 103.96 billion yuan during the first seven months.

China’s foreign service trade volume grew from US$362.4 billion in 2011 to US$713 billion in 2015. The country has set the target of lifting its service trade volume to over US$1 trillion by 2020.


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