Impacted by the Covid-19 pandemic, China’s services trade declined 14.6 percent year-on-year from January to May to 1.87 trillion yuan (US$264.8b), the Ministry of Commerce (MOFCOM) said.
MOFCOM spokesperson Gao Feng said at a press conference on July 2 that during the first five months, China exported 759.3 billion yuan (US$108.5b) worth of services, 2.3 percent less year-on-year, and imports decreased to 1.1 trillion yuan (US$158.5b), 21.5 percent down year-on-year.
Although services exports declined, the deficit narrowed by 44. 9 percent, Gao said.
Despite the general decrease in the total volume, China imported and exported more knowledge-intensive services in those five months, taking up over 43 percent of the total, a 9.3 percent growth compared to the same period of 2019. Intellectual property use, telecommunication computing and information and insurance saw the biggest growth in exports.
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