China's Services Trade Sees Solid Growth in Q1 2025

In the first quarter of 2025, China's services trade registered robust growth, with total imports and exports reaching RMB 1.97418 trillion, up 8.7% year-on-year. Exports totaled RMB 835.15 billion, an increase of 12.2%, while imports rose 6.2% to RMB 1.13903 trillion. The services trade deficit stood at RMB 303.88 billion, narrowing by RMB 24.46 billion compared to the same period last year.

Key highlights include:

In Q1, trade in knowledge-intensive services reached RMB 752.49 billion, up 2.6% year-on-year. Among these, other business services and telecommunications, computer and information services recorded the largest volumes, amounting to RMB 320.48 billion and RMB 262.34 billion, respectively, with growth rates of 0.8% and 4.8%. Exports of knowledge-intensive services rose 2.1% to RMB 436.34 billion, while imports grew 3.4% to RMB 316.15 billion.

Travel services continued to surge, with total trade reaching RMB 584.9 billion in the first quarter, up 21.8% year-on-year, making it the largest sector within services trade. Exports soared 97.5%, while imports grew 14.9%.