China's annual trade in services hits record high - Chinese report

According to China's Ministry of Commerce, China's trade in services will grow rapidly in 2024, reaching a record high.
The total value of annual trade in services in 2024 is expected to increase by 14.2% from the previous year to 7.5238 trillion yen (approximately 161 trillion yen).
Of this, exports increased by 18.2% to 3,175.56 billion formers (about 68 trillion yen), and imports increased by 11.8% to 4,348.24 billion formers (about 93 trillion yen). The trade deficit was 1,172.6 billion
The trade in services for the same year was 80 million former (approximately 25 trillion yen), down 31.43 billion former (approximately 673 billion yen) from the previous year. The characteristics of trade in services for the same year are as follows:
Trade in knowledge-intensive services continued to grow. Exports and imports of knowledge-intensive services are expected to grow by 6.5% to 2.2% in 2024.
Of this, exports increased by 7.4% to 1,657,320 million formers (approximately 35 trillion yen). The item with a relatively high rate of increase was personal culture and entertainment services.
Imports increased 5.4% to 1,239.2 billion yen (about 27 trillion yen), and personal cultural and entertainment services (29.5% increase).
The trade surplus in knowledge-intensive services was 418.12 billion formers (approximately 9 trillion yen), up 50.45 billion formers (approximately 1.1 trillion yen) from the previous year.
The total trade in services increased by 38.1% to 2,511,500 million yen (approximately 44 trillion yen).
Of these, exports increased by 156.8% and imports increased by 29.3%.