China's Ministry of Commerce reports that first-quarter ”service trade volume” increased 14.7% to 1.81674 trillion yen (Chinese media)

On April 30, the Ministry of Commerce of China released the development status of trade in services in the first quarter of 2024. China's trade in services in the first quarter of 2024 showed high growth.
The total amount was 1,816,740 million formers (approximately 39,610 billion yen), up 14.7% from the same period last year. Exports increased 9.4% to 744,200 million formers (approximately 16,227 billion yen), and imports increased 18.7%.
The national export volume was 1.7254 trillion former (approximately 23.386 trillion yen), while the trade balance was a deficit of 328.34 billion former (approximately 7.16 trillion yen).
China's trade in services in the first quarter of 2024 is characterized by the following:
Trade in knowledge-intensive services continues to grow. Exports and imports of knowledge-intensive services increased 5.
It increased by 6% to 733.26 billion former (approximately 16 trillion yen). Of this, exports increased by 2.8% to 427.37 billion former (approximately 9.32 trillion yen), with the relatively high growth coming from intellectual property rights royalties (34.
Imports increased by 9.6% to 305.89 billion former (approximately 6.67 trillion yen), with the largest increase being in personal cultural and entertainment services (
66% increase), and other business services (15.2% increase). Trade in travel services also continues to maintain high growth. The export and import value of travel services was 480.8 billion former (approximately 1.2%).
0.47 trillion yen), up 42.2% from the same period last year, the highest increase rate in trade of services.