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By Charlotte Yang / Dec 05, 2018 12:04 PM / Economy

China’s trade in services grew 11.1% year-on-year for the first 10 months of 2018, totaling 4.3 trillion yuan ($626 billion), according to the Ministry of Commerce.

The services trade deficit also rose, up 5.8% year-on-year as of October. Exports in services grew by 14.3% to 1.42 trillion yuan, while imports increased 9.6% to 2.88 trillion yuan.

Trade in services includes areas such as financial, legal, and accounting services, as well as tourism and advertising.

While China enjoys a hefty surplus in its trade in goods — a key driver of trade tensions with the U.S. — the country has run a widening deficit in trade in services for years, fueled in part by a surge in overseas spending by Chinese tourists.

Related: 1-10月我国服务进出口总额43022.4亿元 同比增11.1%


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