Yearlong ‘upswing’ expected for trade in services

The promising performance of China’s trade in services in the first quarter demonstrated the strong growth momentum of the country’s economy in terms of high-quality development, officials and analysts said.

Growth in China’s services trade is predicted to continue, helping stabilize international supply chains and sustain the world economic recovery amid the COVID-19 pandemic.

The country’s trade in services was about 1.16 trillion yuan ($180.2 billion) in the first quarter, up 0.5 percent year-on-year, while the sector’s deficit declined to 66.69 billion yuan, down 74.7 percent from a year earlier, according to the Ministry of Commerce.

Trade in services accounted for 12.05 percent of China’s total foreign trade in the first quarter. The proportion was about 12.4 percent last year.

March alone saw services trade rise by 7.9 percent year-on-year, becoming the first month with an increase since the outbreak of the pandemic.

Excluding the tourism sector, China’s services trade in the…

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