China’s service trade saw significant growth in the first quarter of this year, reaching 1.97 trillion yuan (about $270 billion), an 8.7% increase compared to the same period last year, according to the Ministry of Commerce.
Exports totaled 835.15 billion yuan, marking a 12.2% year-on-year rise, while imports hit 1.139 trillion yuan, up by 6.2%. The robust performance indicates a steady recovery and resilience in the sector.
Travel Services Lead the Surge
Travel services experienced the most substantial expansion, soaring by 21.8% to 584.9 billion yuan. Exports in this category surged by a staggering 97.5%, while imports climbed by 14.9%. The sharp increase reflects a rebound in travel activities as global mobility improves.
Steady Growth in Knowledge-Intensive Services
Knowledge-intensive services continued their steady ascent, growing by 2.6% to reach 752.49 billion yuan. Exports in this sector rose by 2.1% to 436.34 billion yuan, and imports increased by 3.4% to 316.15 billion yuan. This growth underscores the Chinese mainland’s ongoing emphasis on innovation and high-value industries.
The overall positive trajectory of China’s service trade highlights the nation’s economic resilience and its pivotal role in global trade dynamics, offering optimistic prospects for continued growth in the coming quarters.
