Volume in service trade tops $200 billion in 2007

[photopress:logisitcs_shipping.jpg,full,alignright]The Ministry of Commerce (MOC) has announced that China saw its export and import volume in service trade (excluding government service) reaching $250.91 billion U.S. dollars in 2007.

At which point we need a definition of service trade. This can come through purchases of services and goods by China travelers abroad and by foreign visitors to China.

Passenger fares are a good example. As are charges for the transportation of goods by ocean, air, waterway, pipeline, and rail carriers to and from China. Then there are royalties and license fees, and transactions of China government non-military agencies with foreign residents.

Export volume of service trade in 2007 was $121.65 billion, up 33.1% over the previous year, while the import volume of service trade was $129.26 billion, up 28.8%.

The trade deficit stood at $7.61 billion U.S. dollars, representing a decrease of 14.6% year on year.
China was the seventh biggest service export country and the fifth largest service import country in 2007.

China’s Hong Kong, the United States, Japan and the Republic of Korea are the four biggest service trade partners of China’s mainland.

Yi Xiaozhun, the MOC vice minister, said China was making efforts to beef up service trade and to expand cultural-related service trade in overseas markets. China was also trying to boost its tourism industry, marine transport industry, and promote service trade in traditional Chinese medicine, insurance and finance, and technological service.

China accounted for 3.6% of the world’s service trade volume in 2006.
Source: China View