China’s services trade reveals solid growth in tourism sector

(MENAFN) China’s services trade posted solid growth, up 16 percent year-on-year in the first five months of the year, the report said. The total value of services imports and exports reached 3.02 trillion yuan (about 412.7 billion U.S. dollars). Exports contributed significantly, reaching 1.22 trillion yuan, up 11 percent, while imports rose 19.6 percent to 1.8 trillion yuan. Despite this growth, services trade posted a deficit of about 580 billion yuan.

One of the standout sectors in China’s trade in services was the tourism services sector, which showed exceptional growth. Total imports and exports in this segment reached 819.72 billion yuan, a significant increase of 48.4 percent. This growth strengthened tourism services’ position as the largest sector in China’s trade in services, underlining its key role in driving the overall sector growth.

The announcement by the Ministry of Commerce reflects China’s ongoing efforts to strengthen trade in services amid global economic dynamism. The strong performance in tourism services underscores the sector’s resilience and its importance in contributing to China’s overall trade landscape, despite the challenges of global economic uncertainty. As China continues to navigate international trade dynamics, particularly in services, sectors such as tourism services are poised to play a key role in supporting economic growth and stability.

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