China’s services trade value grew 25.8 percent year on year in the first quarter of 2022, data from the Ministry of Commerce showed on Thursday.
The total trade value stood at nearly 1.46 trillion yuan (about 221.86 billion U.S. dollars), according to the data. Services exports expanded 30.8 percent year on year to 713.98 billion yuan, and services imports were 743.01 billion yuan, up 21.3 percent from a year ago.
The growth of services trade exports outpaced import growth by 9.5 percentage points, resulting in a 56.4 percent drop in the services trade deficit to 29.03 billion yuan from the same period last year. Trade in knowledge-intensive services raked in 615.66 billion yuan, up 14.1 percent year on year, the data showed.—Xinhua
