Services drag on H1 trade deficit

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August 7, 2018

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Services drag on H1 trade deficit

Source: Xinhua | 00:01 UTC+8 August 7, 2018 |

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CHINA continued to see a current account deficit in the first half of 2018 mainly due to the strong domestic need for overseas services.

The deficit in the current account stood at US$28.3 billion in the first half, down from US$34.1 billion in the first quarter, the State Administration of Foreign Exchange said yesterday.

China’s service trade posted a deficit of US$147.3 billion, up from US$73.6 billion three months earlier. Spending on trips, transport, and intellectual property rights contributed to the bulk of the deficit.

China has taken steps to improve its trade in services, including gradually opening up its finance, education, culture, and medical sectors.

SAFE said China’s international balance of payments was within a range of equilibrium last quarter and will continue to remain reasonable in the future. The goods trade surplus was US$155.9 billion in H1.

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Services drag on H1 trade deficit

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