China's for­eign ser­vice trade deficit nar­rows

The Pak Banker - - 6BUSINESS -

China con­tin­ued to see a deficit in for­eign ser­vice trade in Fe­bru­ary but the vol­ume con­tin­ued to nar­row, data from the State Ad­min­is­tra­tion of For­eign Ex­change (SAFE) showed Mon­day.

In­come from trade in ser­vices stood at $19.5 bil­lion last month, while ex­pen­di­ture was $35.5 bil­lion, re­sult­ing in a deficit of $16 bil­lion.

The deficit nar­rowed from the $20.7 bil­lion seen a month ear­lier. Dis­tinct from mer­chan­dise trade, trade in ser­vices refers to the sale and de­liv­ery of in­tan­gi­ble prod­ucts such as trans­porta­tion, tourism, telecom­mu­ni­ca­tions, con­struc­tion, ad­ver­tis­ing, com­put­ing and ac­count­ing. The State Coun­cil has pledged mea­sures to im­prove the devel­op­ment of trade in ser­vices, in­clud­ing grad­u­ally open­ing up the finance, ed­u­ca­tion, cul­ture and med­i­cal treat­ment sec­tors.

SAFE be­gan is­su­ing monthly data on ser­vice trade in Jan­uary 2014 to im­prove the trans­parency of bal­ance of pay­ments sta­tis­tics. Since the start of 2015, it has also in­cluded monthly data on mer­chan­dise trade in its re­ports.

Last month, China saw a sur­plus of $25.9 bil­lion in for­eign mer­chan­dise trade.

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