China's service trade deficit narrows in February
Tannet has learned from China Daily on March 27 that China's foreign service trade deficit narrowed in February and goods trade posted a rare deficit, the State Administration of Foreign Exchange (SAFE) said Monday.
The service trade deficit stood at $17.6 billion, down from $20.9 billion in January, SAFE data showed.
Income from trade in services was $20.4 billion, while expenditure totaled $38 billion.
Trade in services refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, construction, advertising, computing and accounting.
China regularly holds a deficit in service trade as its service sector is less competitive than a number of other economies.
In February, China ran a deficit of $4.8 billion in goods trade, as imports grew faster than exports, compared with a surplus of more than $50 billion in January.
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