Service Import & Export of China in 2012 Hit Record High

China's imports and exports of services totaled $ 470.6 billion in 2012, up by 12.3% over the previous year. Of which exports were US$ 190.5 billion, and imports were US$ 280.1 billion, up by 4.6% and 18.2% year-on-year respectively.

Import and export by traditional service of transport and tourism accounted for 58.8%in total imports and exports of services, up by 2.2%as compared with that of 2012. Imports and exports of tourism service broke US$ 150 billion for the first time, ranking top in all types of services, and up by 25.6% year-on-year; imports and exports of transport service totaled US$ 124.8 billion, ranking the second, and up by 7.5% year-on-year.

Exports of such high value-added services as consulting services, computer and information services, advertising, financial services, royalties and concession fees saw a rapid growth, up by 17.8%, 18.6%, 18.2%, 122.5% and 40.1%respectively over the previous year; imports of royalties and concession fees, financial services and communications services grew significantly, increasing by 20.7%, 158.4% and 38.6% respectively.

Deficit of service trade expanded. Annual trade deficit reached US$ 89.7 billion, up by 1.6 times year-on-year. Trade deficit mainly in such areas as transportation services, tourism, insurance services, royalties and concession fees; while there was a relatively large trade surplus in such areas as consulting, computer and information services and construction services.

(Source: Ministry of Commerce Website)