Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Agricultural Development Bank of China
Trade

【Financial Str. Release】China's service trade deficit narrows sharply in H1

August 04, 2021


Abstract : China logged a marked drop in service trade deficit in the first half of 2021, data from the Ministry of Commerce (MOC) showed Tuesday.

Staff members introduce trip information through live streaming at China Tourism Group booth in the tourism services exhibition area of the 2020 China International Fair for Trade in Services in Beijing, capital of China, Sept. 5, 2020. (Xinhua/Pan Siwei)

BEIJING, Aug. 3 (Xinhua) -- China logged a marked drop in service trade deficit in the first half of 2021, data from the Ministry of Commerce (MOC) showed Tuesday.

Service trade rose 6.7 percent year on year to around 2.38 trillion yuan (about 367.97 billion U.S. dollars) during the period, with exports up by 23.6 percent year on year to approximately 1.13 trillion yuan and imports down 5 percent to reach around 1.25 trillion yuan.

The deficit of service trade stood at 120.46 billion yuan in the first six months, 281.25 billion yuan less than the same period last year.

Compared with the same period in 2019, service trade in the country dropped 9 percent, with service exports up 20.9 percent and service imports down 25.6 percent.

The ministry highlighted the remarkable expansion in China's trade of knowledge-intensive services, which increased by 13.5 percent year on year to nearly 1.11 trillion yuan in the first half of 2021.

Service trade in the tourism sector continued to drop as countries around the world took strict measures to restrict the cross-border movement of people due to the pandemic, said the MOC.

In the January-June period, China's tourism industry saw service trade volume plummet 34.8 percent to 363.79 billion yuan, MOC data showed.

In June alone, China's service trade saw substantial growth. It surged 22.5 percent year on year to come in at 439.2 billion yuan, the data showed.

In contrast to merchandise trade, trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing and accounting.

Scan the QR code and push it to your mobile phone

Keyword: service trade Financial Str. Release

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial