Economy Jun 05

China reports April growth in service exports

Expansion pares year's declines after coronavirus lockdown sparked slump  

by Nadeem Xu
China reports growth in service exports

(ATF) China's service exports grew 3.5% year-on-year to 161.3bn yuan ($22.7bn) in April, ending a falling streak since the coronavirus outbreak.

That pared declines in the first four months, which saw China's service exports drop 2.2% and total service trade slide 13.2% to 1.51 trillion yuan, Gao Feng, a spokesperson for the Ministry of Commerce, said at a press conference Thursday.

Service exports include e-commerce and digital streaming as well as financial and banking activities.

China’s service trade deficit narrowed 40% to 303.4bn yuan in the period. In April alone, the deficit shrank 72% to 39bn yuan.

Gao also said trade of knowledge-intensive services grew 6.7% to 637.4bn yuan, accounting for 42% percent of the total service trade volume.