China’s services trade booms in 8 months

China’s services trade saw robust growth in the first eight months of 2024, reaching nearly $691.24 billion, a 14.3 per cent year-on-year increase, driven in part by a significant surge in travel-related services, according to the Ministry of Commerce.

Services exports exceeded 2 trillion yuan, up 13.3 per cent, while services imports jumped 15.1 per cent to over 2.88 trillion yuan, resulting in a deficit of 874.88 billion yuan, the ministry’s report showed on Thursday.

Trade in travel-related services witnessed the most significant growth, soaring by 45 per cent to surpass 1.33 trillion yuan. Additionally, trade in knowledge-intensive services rose by 4.4 per cent to nearly 1.9 trillion yuan.

Attribution: Xinhua

Subediting: Y.Yasser