Data from the Ministry of Commerce (MOFCOM) points to a return to positive growth for China’s service export numbers in the month of September, as the country’s economy continues to recover from the impacts of the COVID-19 pandemic.
MOFCOM data indicates that in September China saw service exports of 162.5 billion yuan, for YoY growth of 4.1%, and a shift from single month negative to positive growth.
China’s services trade totalled 3.39 trillion yuan for the period from January to September, for a YoY decline of 15.7%. Exports were 1.3995 trillion yuan, for a decline of 1.5%, while imports were 1.9905 trillion yuan, for a drop of 23.5%.
A MOFCOM official said that China’s services trade saw a large-scale decline in the first three quarters as a result of the impacts of the COVID-19 pandemic, yet is currently stabilising.
Services exports outperformed imports and the trade deficit shrank, while knowledge-intensive services trade saw an increase in its overall share.
During the period from January to September China’s knowledge-intensive service trade totalled 1.4931 trillion yuan, for YoY growth of 9.0%, accounting for 44.0% of all services trade for an increase of 10 percentage points.
Knowledge-intensive services exports were 779.5 billion yuan for an increase of 8.6%, accounting for 55.7% of all service exports, for an increase of 5.2 percentage points.
Knowledge intensive service imports were 713.6 billion yuan, for an increase of 9.4%, accounting for 35.8% of all service imports, for an increase of 10.8 percentage points.