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MNI BRIEF: China Service Trade Grows Rapidly, Deficit Expands

MNI (Singapore)
MNI (Beijing)

China’s service trade grew rapidly in the first four months of 2024, with travel services contributing the most, according to data released on the Ministry of Commerce website Friday.

Export of services rose 11% y/y in the first four months, while imports of services jumped 21.2%, both accelerating from the 9.4% and 18.7% growth in Q1. (See MNI INTERVIEW: China Exports To Grow In 2024 - Advisor)

The service trade deficit was CNY462.58 billion in the Jan-Apr period, further expanding from Q1’s 328.34 billion.

The value of China's services trade expanded 16.8% y/y to reach CNY2.43 trillion in the first four months. A breakdown of the figures showed that the country’s travel service continued to maintain a rapid growth of 48.6% y/y to reach CNY660.03 billion.

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