China's Service Imports Fell by 4%|1-7月中国服务进口下降4%2021-10-13 19:04:42
From January to July this year, China's trade in services maintained a good growth momentum. Total imports and exports of services amounted to 2,809.36 billion yuan (RMB, the same below), up 7.3% year on year; Of this amount, service exports reached 1,337.31 billion yuan, up 23.2%; Imports totaled 1.47206 trillion yuan, down 4%. The growth rate of service exports was 27.2 percentage points higher than that of imports, driving the service trade deficit down 70 percent to 134.75 billion yuan, a year-on-year decrease of 314.02 billion yuan. Compared with the same period in 2019, imports and exports of services decreased by 9%, with a two-year average decline of 4.6%. Exports grew by 21.5%, with a two-year average growth of 10.2%. Imports fell 25.9 percent, with a two-year average decline of 13.9 percent. The main features are as follows: Imports and exports of services grew steadily in July. In July, imports and exports of services totaled 431.92 billion yuan, up 10.1% year on year and down 1.7% month on month. Among them, the export reached 208.82 billion yuan, up 21.1% year on year and down 3.6% month on month. The export of transport services increased by 107.5%. Imports reached 223.11 billion yuan, up 1.6% year-on-year and 0.2% month-on-month. The proportion of trade in knowledge-intensive services increased. From January to July, the import and export of knowledge-intensive services reached 128.82 billion yuan, up 11.8%, accounting for 45.8% of the total import and export of services, up 1.8 percentage points. Of this, knowledge-intensive service exports reached 704.47 billion yuan, up 15.4%, accounting for 52.7% of the total. Personal culture and entertainment services, intellectual property rights and telecommunication computer and information services increased 28.3 percent, 23.9 percent and 20.8 percent, respectively. Knowledge-intensive service imports totaled 582.35 billion yuan, up 7.6%, accounting for 39.6% of total service imports; The fastest growth in imports was in financial services, up 18.9 percent, and intellectual property royalties, up 14.3 percent. Imports and exports of travel services continued to decline. As countries continue to take strict measures to restrict the movement of people across borders, the impact of the epidemic on the import and export of travel services continues. From January to July, the import and export of travel services reached 429.98 billion yuan, down 32.7%, of which exports fell 41.6% and imports fell 31.6%. Excluding travel services, imports and exports of other services grew by 20.2% from January to July, with exports up by 28% and imports up by 12%. Compared with the same period in 2019, imports and exports of other services increased by 23 percent, including 33.5 percent in exports and 12.4 percent in imports.