China’s service import report in 2020 From Ministry of Commerce

The following is the China’s service import report in 2020 From Ministry of Commerce recommended by recordtrend.com. And this article belongs to the classification: Chinese economy, research report.

Novel coronavirus pneumonia and other factors affected the impact of the 2020 epidemic. China’s total import and export volume of services was 4 trillion and 564 billion 270 million yuan (RMB), down 15.7% from the same period last year.

First, the growth rate of service exports in December was the highest in the year. In December, China’s service export was 231.62 billion yuan, an increase of 6.9%, which was the highest month of export growth in 2020. Among them, the export of intellectual property royalties was 7.94 billion yuan, a year-on-year increase of 76.6%; The export of personal cultural and entertainment services was 1.35 billion yuan, a year-on-year increase of 46.5%; Transportation export was 50.97 billion yuan, a year-on-year increase of 56.9%.

Second, the deficit in trade in services decreased significantly. In 2020, China’s service export was 1935.67 billion yuan, down 1.1%; Imports reached 2628.6 billion yuan, down 24%. The decline of service exports was 22.9 percentage points less than that of imports, driving the deficit of service trade down 53.9% to 692.93 billion yuan, a year-on-year decrease of 809.56 billion yuan.

Third, the proportion of knowledge intensive service trade increased. In 2020, China’s import and export of knowledge intensive services reached 2033.12 billion yuan, an increase of 8.3%, accounting for 44.5% of the total import and export of services, an increase of 9.9 percentage points. Among them, the export of knowledge intensive services was 1070.14 billion yuan, an increase of 7.9%, accounting for 55.3% of the total service export, an increase of 4.6 percentage points; The areas with rapid export growth were intellectual property royalties, telecommunications, computer and information services and insurance services, with growth of 30.5%, 12.8% and 12.5% respectively. The import of knowledge intensive services was 962.98 billion yuan, a year-on-year increase of 8.7%, accounting for 36.6% of the total import of services, an increase of 11 percentage points; The areas with rapid import growth were financial services, telecommunications, computers and information services, up 28.5% and 22.5% respectively.

Fourth, the import and export of travel services decreased significantly. The global novel coronavirus pneumonia situation is grim, and the import and export of travel services worldwide are greatly affected. In 2020, China’s import and export of travel services reached 1019.29 billion yuan, down 48.3%, of which export decreased by 52.1% and import decreased by 47.7%, which was the main factor leading to the decline of service trade. Excluding travel services, China’s import and export of services increased by 2.9% in 2020, of which exports increased by 6%, and imports were basically flat.

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