2024-02-02 08:29:00
According to the Ministry of Commerce, in 2023, my country’s service trade will grow steadily, with the scale reaching a record high. The total import and export of services for the whole year was 6.57543 billion yuan, a year-on-year increase of 10%.
Photo shows a view of Nansha Port in Guangzhou, South China’s Guangdong province. [Photo provided to chinadaily.com.cn]
The value of China’s trade in services grew by 10 percent year-on-year to 6.57 trillion yuan ($915.29 billion) in 2023, data from the Ministry of Commerce showed on Thursday.
Data released by the Ministry of Commerce on February 1 showed that my country’s total service import and export volume in 2023 was 6.57543 billion yuan, a year-on-year increase of 10%.
In the meantime, China’s service exports amounted to 2.69 trillion yuan, a drop of 5.8 percent on a yearly basis, while imports totaled 3.89 trillion yuan, surging 24.4 percent year-on-year, resulting in a service trade deficit of 1.2 trillion yuan.
Among them, exports were 2,685.66 billion yuan, a year-on-year decrease of 5.8%, imports were 3,889.77 billion yuan, a year-on-year increase of 24.4%; the service trade deficit was 1,204.11 billion yuan.
China saw the import and export of knowledge-intensive services reach 2.72 trillion yuan last year, an increase of 8.5 percent year-on-year.
In 2023, my country’s import and export of knowledge-intensive services was 2,719.37 billion yuan, a year-on-year increase of 8.5%.
The sector of travel services generated a total value of 1.49 trillion yuan in China last year, marking a remarkable year-on-year growth of 73.6 percent. Notably, the sector’s exports surged 59.2 percent on a yearly basis, while imports experienced a significant increase of 74.7 percent year-on-year.
In 2023, my country’s total import and export of travel services will reach 1.48562 billion yuan, a year-on-year increase of 73.6%. It is worth noting that exports increased by 59.2% year-on-year, and imports increased by 74.7% year-on-year.
In contrast to goods trade, trade in services refers to purchase and sale of services. According to the World Trade Organization’s definition, trade in services covers 12 major sectors. These include commerce, communication, construction and related engineering, finance, entertainment, culture, sports, tourism, education and environment.
Compared with trade in goods, trade in services refers to the sale and purchase of services. According to the definition of the World Trade Organization, service trade covers 12 major categories, including commercial services, communication services, construction and related engineering services, financial services, cultural entertainment and sports services, tourism services, educational services, environmental services, etc.
English source: China Daily.com
Translator & Editor: Dani
Reviewers: Qi Lei, Dong Jing
[Editor in charge: Chen Danni]
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