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Friday, May 07, 2021, 11:33
China's service trade deficit continues to narrow in Q1
By Xinhua
Friday, May 07, 2021, 11:33 By Xinhua

Photo taken on Sept. 2, 2020 shows the outdoor exhibition area of the China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China. (XING GUANGLI / XINHUA)

BEIJING - China recorded a service trade deficit of 66.69 billion yuan (about US$10.3 billion) in the first quarter of this year, down 74.7 percent from the same period a year ago, data from the Ministry of Commerce showed Friday.

The country's total service trade volume reached around 1.16 trillion yuan in the January-March period, up 0.5 percent year on year, according to the ministry.

The lower deficit was the result of significant service export growth, which increased by 22.8 percent year on year 

The lower deficit was the result of significant service export growth, which increased by 22.8 percent year on year in the reporting period. Meanwhile, service imports dropped by 13.5 percent from a year ago.

China's trade of knowledge-intensive services saw strong growth in the first quarter. It increased by 15.5 percent year on year in the period, accounting for 46.6 percent of the total trade in services.

READ MORE: China's service trade deficit narrows sharply in first 2 months

The tourism services industry slumped significantly as the COVID-19 pandemic continued to impact the sector worldwide. In the first quarter, tourism service trade volumes slumped by 45.9 percent year on year.

Excluding the tourism sector, the country's service trade in the first three months expanded by 21.1 percent year on year.

In March alone, China's service trade rose 7.9 percent year on year, the first monthly growth since the COVID-19 outbreak, the data showed.

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

ALSO READ: China's service trade deficit narrows sharply during Jan-Nov


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