China recorded a widening deficit in foreign trade in services in August 2018, according to data released by the State Administration of Foreign Exchange (SAFE) on Wednesday (26.9.2018).
The deficit was $29.000 billion, up from $25.300 billion in July., the department said.
Revenue from trade in services stood at $18.400 billion, while expenditure was $47.400 billion.
What is trade in services?
Unlike trade in goods, Trade in services refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, construction, advertising, information technology and accounting.
China has taken steps to enhance the development of services trade, including gradual opening of sectors finance, education, culture and healthcare.
The agency started publishing information on trade in services in January 2014 to improve the transparency of balance of payments statistics. Since early 2015, it has also been providing monthly data on merchandise trade in its reports.
China posted a $34.000 billion surplus in foreign merchandise trade last month, according to the EDA.
Source: Xinhua
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