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Chart of the Day: China’s Widening Services Trade Deficit

China’s trade deficit in services reached $29 billion in August, a 14.79% increase from the month before and its highest level since June 2017, the State Administration of Foreign Exchange announced Wednesday.

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Trade in services covers areas such as financial services, tourism, advertising, telecommunications and accounting, and generally accounts for a higher percentage of gross domestic product in more developed economies.

While China has long had a surplus in its goods trade, it imports far more services than it exports, a point that the Chinese government raised in a white paper outlining its stance toward trade frictions with the U.S.

Contact reporter Charlotte Yang (yutingyang@caixin.com)

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