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            september 21, 2019

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Indiaexportnews.com

China's imports and exports of services up 3.5%

  10.07.2019    

On July 4, head of MOFCOM Department of Trade in Services and Commercial Services introduced the overall situation of China’s imports and exports of services in January-May 2019, according to MOFCOM.
From January to May 2019, China's imports and exports of services totaled 2189.34 billion yuan (RMB), up 3.5% year on year. Among these, the exports were 777.05 billion yuan, up 10.3%; the imports were 1412.28 billion yuan, up 0.1%; the deficit was 635.23 billion yuan, down 10.1%. The main characteristics are as follows.
The exports of services increased significantly. From January to May, the production of China's service industry maintained rapid growth, and production index of the service industry increased by 7.3% year on year, driving the rapid growth of the exports of services. In May, the exports in services increased by 11%, faster than that of the previous four months, driving the exports of services to maintain a double-digit growth in January-May. The exports of services accounted for 35.5% of the imports and exports, up 2.6 percentage points year on year. The trade deficit in services dropped significantly.
The trade in knowledge-intensive services grew rapidly. As China continued to advance supply-side structural reforms and gradually deepened the innovation-driven construction, technological innovation and scale effects formed new competitive advantages and promoted the rapid development of trade in high value-added, high-tech knowledge-intensive services. From January to May, China's imports and exports of knowledge-intensive services reached 744.96 billion yuan, up 11.0%, 7.5 percentage points higher than the overall growth rate of the imports and exports of services, accounting for 34.0% of the total imports and exports of services, up 2.1 percentage points year on year. Among these, the exports of knowledge-intensive services were 387.85 billion yuan, up 12.3%; the imports were 357.11 billion yuan, up 9.6%.
The imports and exports of key services areas delivered good performance. From January to May, China's total amount of imports and exports of transportation services was 404.39 billion yuan, up 6.4% year on year, of which the exports increased by 20.7% and the imports increased by 1%. The imports and exports of intellectual property fees were 121.92 billion yuan, up 6.4% year on year, of which the exports increased by 34.8% and the imports increased by 2.3%. The amount of imports and exports of maintenance and repair services was 41.98 billion yuan, up 87% year on year, of which the exports increased by 99.2% and the imports increased by 47.4%. The amount of imports and exports of other commercial services was 342.54 billion yuan, up 9.7% year on year, of which the exports increased by 11.6% and the imports increased by 7.0%.



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