Aug 07, 2018 (China Knowledge) - China's Ministry of Commerce (MoF) has published the service trade data for the first half of the year today, which shows a steady uptrend. From January to June, the country's service records a new high, totaling RMB 2.53 trillion with an 8.5% year on year increase.
Narrowing the half-year deficit first time since 2010, service exports rose 13.6% to stand at RMB 842 billion. Moreover, exports of emerging services were up 23.6%, 10% higher than the overall growth rate, and now accounts for more than half of the total exports. The supportive policies on service export are seen to be the main contributor behind these achievements.
At an interview, deputy director of the Department of Trade in Services of MoF, Yuan Li told reporters that the service trade is growing at a faster pace as the trade structure further optimizes. This is based on the steady growth of China's economy.
According to the China Customs' data, the goods trade in first half of the year totaled RMB 14.12 trillion, up 7.9% year over year. Specifically, goods exports amounted to RMB 7.51 trillion and imports at RMB 6.61 trillion. The goods trade surplus sharply narrowed for the period by 26.7%.
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