Beijing: China’s services trade saw steady growth in the first quarter of the year, including a steep increase in the trade of travel-related services, official data showed on Tuesday.
According to Qatar News Agency, the country’s services trade totaled 1.97 trillion yuan, approximately 273.5 billion USD, during the period, marking an 8.7 percent increase year-on-year, as reported by the Chinese Ministry of Commerce. Services exports reached 835.15 billion yuan, which is a 12.2 percent rise from the previous year, while services imports grew by 6.2 percent to 1.14 trillion yuan, resulting in a deficit of 303.88 billion yuan, according to China’s News Agency (Xinhua).
Trade in travel-related services showed significant growth momentum, increasing 21.8 percent year-on-year to reach 584.9 billion yuan. Meanwhile, trade in knowledge-intensive services saw a 2.6 percent year-on-year increase, reaching 752.49 billion yuan.