Participants are seen at the Future Development Pavilion during the second Global Digital Trade Expo in Hangzhou, east China's Zhejiang province, Nov 23, 2023. (PHOTO / XINHUA)

BEIJING — China's service trade value grew 8.7 percent year-on-year in the first 10 months of this year, data from the Ministry of Commerce showed Friday.

The service trade value exceeded 5.34 trillion yuan (about $751.65 billion) during the January-October period.

China's trade of knowledge-intensive services maintained steady growth in the period, rising 8.9 percent year-on-year to about 2.23 trillion yuan

READ MORE: China's service trade innovation drives global economic recovery

Of the total, service imports increased by 23.5 percent year-on-year to more than 3.16 trillion yuan, compared to a year ago the service exports fell 7.4 percent year-on-year to 2.18 trillion yuan.

China's trade of knowledge-intensive services maintained steady growth in the period, rising 8.9 percent year-on-year to about 2.23 trillion yuan.

Also during the January-October period, services related to the travel sector registered a notable recovery. Total trade value in this sector surged 71.7 percent from a year earlier to over 1.18 trillion yuan.

READ MORE: China's service trade volume exceeds $889b in 2022

Exports and imports of travel services expanded by 53.8 percent and 73.2 percent year-on-year, respectively, according to the data.