China recorded a deficit of 50.9 billion yuan (US$8.27 billion) in its services trade in May, down from a deficit of 54.5 billion yuan in the previous month, Xinhua news agency reported.
Income from trade in services stood at 129.1 billion yuan last month, while expenditure in service trade reached 180.1 billion yuan, the report said, citing data from the State Administration of Foreign Exchange.
In the first five months of the year, the combined service trade deficit stood at 306.3 billion yuan, the forex regulator was quoted as saying in a statement Tuesday.
Although China overtook the United States to become the world’s largest goods trader for the first time in 2013 and boasted a hefty surplus in trade of goods, the nation continues to post a large deficit in its service trade.
Commerce Ministry data shows that China’s service trade deficit reached US$118.46 billion last year, up from 89.7 billion dollars in 2012 and 54.92 billion dollars in 2011.
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