Ministy of Commerce: China’s Trade Volume in Service Reached ¥4.43927 trillion in the First Ten Months of 2019

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Ministy of Commerce: China’s Trade Volume in Service Reached ¥4.43927 trillion in the First Ten Months of 2019

Director of Department of Trade in Service and Commercial Services of Ministry of Commerce introduced China’s trade volume in serive in betweeen January to Ocotober on December 5th . Trade volume in service reached¥4.43927 trillion, a year-on-year increase of 2.6%. Service export stood at ¥1.57723 trillion, a year-on-year growth of 9.0%, import reached ¥2.862 trillion, a year-on-year decrease of 0.7%.

Main Features of China’s Trade in Service:

Deficit in service trade continued to narrow. Production inidex of the service industy had a year-on-year growth of 7% in between January and October, laying a good foundation for the fast growth of service export which took up 35.5% of the service trade. Service export had a year-on-year increase of 2.1 percentage point. The growth rate of service export was 9.7 percentage point higher than that of import, resutlitng to a 10.4 percentaage point dropiin servie trade deficit at ¥1.28481 trillion, a year-on-year decrease of ¥149.49 billion.

Quality of service trade improved. The trade volume of knowledge intensed service reached ¥1.5135.6 in thisperiod, a year-on-year growth of 10.7% , and 8.1 percentage point higher than that of the whole service industry. It toook up 34.1% of the total service trade volum, a year-on-year increase of 2.5 percentatge point. Export of knowledge intensed service reached ¥795.98 billion, a year-on-year growth of 13%. Import of the same serivce reached ¥717.58 billion, a year-on-year increase of 8.2%. When it comes to specific services, individual cultural and entertainment service, telecommunication, computer and information service, and financial service continued theri fast growth, enjoying a trade growth of 27.6%, 19.1%, and 14.8% respecitvley.

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