China's services trade rises 12.9% in 2022

China's services trade value grew 12.9 percent year on year in 2022, data from the Ministry of Commerce showed on Monday.

The total trade value stood at 5.98 trillion yuan (US$884.29 billion), according to the data.

Exports of services expanded 12.1 percent year on year to around 2.85 trillion yuan in the period, while imported services totaled 3.13 trillion yuan, up 13.5 percent from a year ago, resulting in a deficit of 275.71 billion yuan.

Trade in knowledge-intensive services raked in 2.51 trillion yuan in 2022, up 7.8 percent year on year.

Exports of Knowledge-intensive services increased by 12.2 percent to reach 1.42 trillion yuan, led by categories such as intellectual property royalties and computing and information services.

Travel services continued recovery momentum in the period, as trade in this sector advanced 8.4 percent from the previous year to about 855.98 billion yuan, data showed.