The total import and export volume of services increased by 8.5% year-on-year (new data highlights) Trade | Services | year-on-year
Data mapping: Cai Huawei
Beijing, August 6th (Xinhua) - The Ministry of Commerce recently released data showing that China's service trade continued to maintain a growth trend in the first half of this year. The total import and export volume of services was 3135.84 billion yuan, a year-on-year increase of 8.5%, including exports of 1323.22 billion yuan and imports of 1812.62 billion yuan.
Service trade is an important component of international trade and an important field of international economic and trade cooperation. Currently, service trade is increasingly becoming a new driving force for China's high-quality trade development and a new lever for deepening opening-up, playing an important role in building a new development pattern. The growth of knowledge intensive service trade has become a new engine driving the growth of China's service trade.
![The total import and export volume of services increased by 8.5% year-on-year (new data highlights) Trade | Services | year-on-year](https://a5qu.com/upload/images/40b6522d9852af29f85bced5adbffed6.jpg)
Data shows that in the first half of the year, the import and export of knowledge intensive services reached 1363.92 billion yuan, a year-on-year increase of 12.3%, accounting for 43.5% of the total import and export of services, a year-on-year increase of 1.5 percentage points. Among them, the export of knowledge intensive services reached 792.34 billion yuan, an increase of 16%; Imports reached 571.58 billion yuan, an increase of 7.5%. The knowledge intensive service trade with high added value and high technological content has achieved rapid growth and increased proportion, indicating that China's competitiveness in service exports has significantly increased and is climbing towards the high-end of the value chain.
In addition, travel services significantly recovered in the first half of the year, with imports and exports reaching 65.094 billion yuan, a year-on-year increase of 65.4%, making it the fastest growing service trade sector.