Source: Ministry of Commerce of thePeople’s Republic of China
On July 4, the Head of MOFCOM Department ofTrade in Services and Commercial Services made a statement on China's serviceimport and export situation in January-May.
In January-May 2017, China's service importand export went better steadily and the total value of import and exportreached 1.82463 trillion yuan, with an increase of 9.2% year on year. Amongthese, the export was 567.94 billion yuan, with an increase of 4.6% and theimport was 1.25669 trillion yuan, with an increase of 11.5%. The deficit was688.75 billion yuan.
The Head of MOFCOM Department of Trade inServices and Commercial Service pointed out that in January-May 2017, China'sservice import and export mainly showed the following features:
Firstly, the service import and export wentbetter steadily. In May, the growth reached 14.1%. In May, China's serviceimport and export value reached 378.87 billion yuan, with an increase of 14.1%,9.1 percentage points higher over last month. Among these, the export was114.59 billion yuan, with an increase of 7.2%, 4.4 percentage points higherover last month; and the import was 264.28 billion yuan, with an increase of17.4%, 11.4 percentage points higher than in last month.
Secondly, the export growth of emergingfield accelerated obviously. In January-May, the service export of emergingfield accumulated to 284.55 billion yuan, with an increase of 9.4% year onyear, 4.8 percentage points higher than the general growth, accounting for50.1% of service export, 2.2 percentage points higher year on year. Amongthese, the export of telecommunication and computer and information service was77.92 billion yuan, with an increase of 9.4% year on year. In May, the exportwas 16.91 billion yuan, turning into increasing 32.2% from decreasing 6.4% yearon year in April. The export of intellectual property royalty was 11.97 billionyuan, with an increase of 423% year on year, continuing to maintain ahigh-speed growth momentum.
Thirdly, the import of emerging fields suchas technology increased rapidly. In January-May, except for insurance andfinance, the import of other emerging fields of China maintained positivegrowth. Among these, the import of telecommunication and computer andinformation service was 51.77 billion yuan, up 77% year on year and the technologyand intellectual property royalty added up to 110.97 billion yuan, up 20.1%year on year.
Fourthly, the import and export oftransportation and tourism service maintained positive growth in the previousfive months. In January-May, the import and export of China's traditionalservice added up to 1.82463 billion yuan, with an increase of 8.6% year onyear. Both transportation and tourism maintained positive growth in theprevious five months, and the growth of transportation service maintained adouble-digit growth in the previous five months.
Fifthly, the deficit of service import andexport was further expanded. In January-May, the deficit of China's import andexport was 688.75 billion yuan, with an expansion of 17.9%. The deficit mainlycentered on three industries including tourism, transportation and intellectualproperty royalty, while professional management and consultancy service,telecommunication and computer and information service and processing servicebecame major contributing fields of favorable balance.