The latest official data points to sharply diverging trends in China’s imports and exports of services, leading to a sizeable decline in the country’s services trade deficit.
The Minister of Commerce (MOFCOM) announced on 10 February that China’s services trade totalled 5.41529 trillion yuan (approx. USD$775.29 billion) for full-year 2019, for YoY growth of 2.8%.
China’s 2019 services exports totalled 1.9564 trillion yuan, for a YoY rise of 8.9%, while total service imports were 3.45889 trillion yuan, for a YoY decline of 0.4%.
MOFCOM spokesperson Gao Feng (高峰) pointed out that export growth was 9.3 percentage points ahead of import growth, driving a 10.5 percentage point decline in China’s services trade deficit.
China’s services trade deficit fell to 1.50249 trillion yuan, for a YoY diminution of 176 billion yuan.
Li also pointed out that China’s trade in knowledge-intensive services was 1.87777 trillion yuan in 2019, for YoY growth of 10.8%.