China's services trade deficit surged 160 percent in 2009

16:25, April 29, 2010      

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China's services trade deficit in 2009 stood at 29.6 billion U.S. dollars, 160 percent higher than 2008, according to a statement on the Web site of the Ministry of Commerce (MOFCOM).

Transportation, patent licensing, insurance and tourism sectors contributed most to the services trade deficit.

In 2009, the trade value in China's transportation services trade sector totaled 70.2 U.S. dollars, down 20.9 percent year on year. Tourism trade turnover was 83.4 U.S. dollars, increasing by 8.3 percent, and witnessed a 4 billion U.S. dollars trade deficit. In 2008, the tourism sector recorded 4.7 billion U.S. dollars of trade surplus.

During the same period, industries with high added value continued to grow. China's computer and information services exports grew 4 percent to 6.5 billion U.S. dollars, and imports increased 1.1 percent to 3.2 U.S. dollars, recording 3.3 billion U.S. dollars of trade surplus. Trade surplus in the consulting services sector increased 590 million U.S. dollars to 5.2 billion U.S. dollars.

The MOFCOM vowed to focus on the transformation of the economic development mode and the restructuring of China's foreign trade sectors and to promote the integration of services trade and goods trade, as well as services trade and the services industries.

China will strive for a 10 percent growth of services trade value, with narrowing services trade surplus, according to the statement.

By People's Daily Online


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