China's services trade grows 'fast' in first quarter - China report

China's trade in services grew relatively fast in the first quarter of this year (January-March). According to the Ministry of Commerce, the total trade in services in the first quarter increased 8.7% year-on-year to 1.97418 trillion yen.
Of this, exports increased 12.2% to 835.15 billion formers (approximately 16.3 trillion yen), and imports increased 6.2% to 1.139 trillion formers (approximately 1.2 trillion yen).
The trade deficit in services was 303.88 billion formers (approximately 5.9 trillion yen), down 24.46 billion formers (approximately 438.5 billion yen) from the same period last year.
The characteristics of trade in services during the same period are as follows: Trade in knowledge-intensive services continues to grow. Exports and imports of knowledge-intensive services in the first quarter increased by 2.6% year-on-year to 752.49 billion yen.
million (approximately 14.1 trillion yen). Among these, other commercial services and electronic, computer and information services are relatively large in scale, with exports and imports of each increasing 0.8% to 320.48 billion yen.
million former (approximately 6.3 trillion yen), an increase of 4.8% to 262.34 billion former (approximately 5.1 trillion yen).
Exports of knowledge-intensive services increased by 2.1% to 436.34 billion former (approximately 8.5 trillion
000 billion yen, and imports increased 3.4% to 316.15 billion former (approximately 6.2 trillion yen). Trade in travel services showed the highest growth. The export and import value of travel services during the same period was
It increased by 21.8% to 584.9 billion former (approximately 11.4 trillion yen). Travel services account for the highest proportion of the total service trade. Of this, exports accounted for 97.5% and imports for 14.
9%, respectively.