Business / Economy

China's Q1 service trade surges

(Xinhua) Updated: 2014-05-06 10:45

BEIJING -- China's total service trade volume expanded by 15.6 percent year on year in the first quarter to $138.8 billion, the Ministry of Commerce (MOC) said Monday.

"Generally speaking, China's service trade continues its momentum of relatively fast growth," the MOC said in a statement on its website.

Exports of services rose 14 percent to $53 billion and imports surged 16.6 percent to $85.8 billion. Trade deficit soared by 21 percent to $32.8 billion in the first quarter.

The ministry added that the proportion of China's service trade to its total trade volume, including both trade of goods and services, edged up 1.6 percentage points to 12.8 percent in the first quarter.

China's service trade deficit has been on the rise in recent years. The deficit reached $118.46 billion last year, up from $89.7 billion in 2012 and $54.92 billion in 2011, MOC data showed.

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