On November 7, the official from MOFCOM Department of Trade in Services and Commercial Services made a statement on China’s imports and exports of services in January-September 2017.
China’s import and export of services in January-September
In January-September 2017, the import and export of trade in service reached 3441.18 billion yuan, up 8.8% year on year. Among these, the export was 1047.04 billion yuan, up 4.1%. The import was 2394.14 billion yuan, up 10.9%. The deficit was 1347.1 billion yuan.
The official from MOFCOM Department of Trade in Services and Commercial Services pointed out that the major features of the imports and exports of service trade were as follows:
1. The import and export in the emerging service areas has continued to maintain the rapid growth since this year. In January-September, import and export in the emerging service areas amounted to 1049.53 billion yuan, up 10.3% year on year. Among these, the export was 515.65, up 8.5% year on year, 4.4 percentage points higher than the overall growth. In January-September, the import and export of telecom, computer and information services reached 231.91 billion yuan, up 25.2%, those of the intellectual property royalty reached 168 billion yuan, up 38.8% year on year and those of maintenance and repair services and personal culture and entertainment services increased by 19.4% and 19.7% year on year.
2. The growth in traditional service areas showed obvious disparity. In January-September, the export and import of traditional services (transportation, traveling, construction and processing services) reached 2365.37 billion yuan, up 7.9% year on year. Among these, the transportation service was obviously driven by the growth of goods trade with its import and export reaching 646.07 billion yuan in January-September, up 17.9%. Traveling continued its top position in China’s import and export of services with an increase of 5%.
3. From the perspective of export, the export of high value-added services such as financial service enjoyed rapid growth. In January-September, the exports of financial service and intellectual property royalty were 17.18 billion yuan and 23.41 billion yuan respectively, up 16.7% and 493% year on year respectively. In September, exports of the two services were 3.91 billion yuan and 3.08 billion yuan respectively, up 157% and 581% respectively, hitting the record high. In January-September, the export of repair and maintenance services was 29.34 billion yuan, up 20.4% year on year and that in September reached 3.99 billion yuan, up 58.8%. The rapid growth of the export of high value-added services is the epitome of our improving competitiveness in professional services’ area.
4. From the perspective of import, the import of telecom, computer and information services maintained high growth. In January-September, the import of intellectual property royalty reached 144.59 billion yuan, up 23.4% year on year, and that of the telecom, computer and information services reached 94.68 billion yuan, up 73.5% year on year, staying in the range from 47% to 90% for 9 consecutive months. The rapid growth of the import of intellectual property royalty shows that our demand for high-end productive services keeps growing with the supply-side structural reform and the transformation and upgrade of the manufacturing industry.