Yangzhou Fongmming Cable: In the first half of the year, China's service trade deficit decreased by 70%, a year-on-year decrease of 281.25 billion yuan

Data released by the Ministry of Commerce on the 3rd showed that China's service trade maintained a good growth trend in the first half of the year. Among them, the growth rate of service exports was 28.6 percentage points higher than that of imports, driving the service trade deficit to drop by 70% to 120.46 billion yuan, a year-on-year decrease of 281.25 billion yuan.

According to the data of the Ministry of Commerce, in the first half of the year, the total import and export of services in China was 237744 billion yuan, a year-on-year increase of 6.7%; Among them, the service export was 1128.49 billion yuan, an increase of 23.6%; Imports reached 1248.95 billion yuan, down 5%. Compared with the same period in 2019, the import and export of services decreased by 9%, with an average decrease of 4.6% in two years, of which the export increased by 20.9% and 10% in two years; Imports fell by 25.6% and an average of 13.8% in two years.

In June, the import and export of services increased significantly. Among them, the export increased by 41.1% year-on-year, and the export of transportation services increased by 91.3%; Imports increased by 8.6% year-on-year, and the fastest growth category was construction services, with an increase of 62.1%.

In terms of structure, the proportion of knowledge intensive service trade has improved. The categories with rapid export growth were personal culture and entertainment services, telecommunications, computer and information services, and intellectual property utilization fees, which increased by 37.9%, 27.1% and 21% respectively. Financial services and intellectual property utilization fees increased by 25.6% and 14.2% respectively.

The impact of the epidemic on the import and export of tourism services continues, leading to the continuous decline of the import and export of tourism services. From January to June, China's import and export of tourism services reached 363.79 billion yuan, a year-on-year decrease of 34.8%, of which the export decreased by 39.8% and the import decreased by 34.2%.

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