Ministry of Commerce: From January to July, China's total service import and export value reached 44,467.1 billion yuan, an increase of 8.3% year-on-year.

According to the Ministry of Commerce, from January to July, the total value of China's service trade reached 44,467.1 billion yuan (RMB, the same below), an increase of 8.3% year-on-year. Among these, exports were 17,732.3 billion yuan, up 17.1%; imports were 26,734.8 billion yuan, up 3.2%. The service trade deficit was 9,002.5 billion yuan, a decrease of 1,763.3 billion yuan year-on-year. The following characteristics are evident: The contribution of travel and transportation service exports to overall service export growth exceeded 50%. From January to July, travel service exports amounted to 2,636.1 billion yuan, an increase of 27.7%, while transportation service exports reached 3,632.3 billion yuan, rising by 27.1%. In the top five service trade sectors in terms of export scale, these growth rates ranked first and second, respectively. The contributions of travel and transportation service exports to overall service export growth were 22.1% and 29.9%, respectively. Knowledge-intensive service exports accounted for more than half. From January to July, the import and export of knowledge-intensive services totaled 19,606.2 billion yuan, an increase of 6.6%, accounting for 44.1% of the total service trade. Knowledge-intensive service exports were 9,482.8 billion yuan, up 12.2%, making up 53.5% of the service export amount; among these, individual cultural and entertainment service exports and intellectual property fees experienced the fastest growth, with rates of 57.8% and 42.1%, respectively. Knowledge-intensive service imports were 10,123.4 billion yuan, an increase of 1.9%, accounting for 37.9% of total service imports. This article is excerpted from the official website of the Ministry of Commerce, GMTEight editor: Liu Jiayin.