China's service trade increases 7.1 per cent in first 11 months

China's service trade maintained steady growth in the first 11 months of the year, with total imports and exports reaching over 7.2 trillion yuan (approximately $1.02 trillion), up 7.1 per cent year on year, the Ministry of Commerce said on Wednesday, Xinhua News Agency reported.

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Specifically, service exports rose 13.4 per cent to nearly 3.2 trillion yuan during this period, while imports increased 2.5 per cent to more than 4 trillion yuan, according to the ministry's data. Notably, the service trade deficit narrowed by 279.63 billion yuan compared to the same period of 2024.

Knowledge-intensive services saw continued growth in trade, with imports and exports totalling roughly 2.73 trillion yuan up 5.6 per cent year on year.

Travel service trade totalled nearly 1.98 trillion yuan, an increase of 8.2 per cent compared with a year earlier.

Specifically, travel services exports surged 51.3 per cent during this period, according to data.

China's net gold imports via Hong Kong in November rose by 101.5 per cent from October, Hong Kong Census and Statistics Department data showed on Monday.

As the world's leading gold consumer, China's purchasing activities can significantly influence global gold markets.

Service trade deficit narrowed by 279.63 billion yuan compared to the same period of 2024.

The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing.

Net imports via Hong Kong to China for November stood at 16.16 metric tonnes, compared with 8.02 tonnes in October. China's total gold imports via Hong Kong reached 30.22 tonnes in November, up 0.5% from 30.08 tonnes in October.

BEIJING