China's 2013 service trade hits new high

BEIJING - China's foreign trade in services in 2013 hit a new high of $540 billion, up 14.7 percent from the previous year, data with the Ministry of Commerce (MOC) showed Wednesday.

Exports of services reached $211 billion, up 10.6 percent from a year earlier. Imports of services hit $329 billion, up 17.5 percent, according to a statement on the ministry website.

High value-added service exports saw steady growth, with exports of financial services soaring 54.2 percent year on year. Traditional service exports, which used to account for a large part of total exports, declined compared to the previous year.

The data showed that imports of high value-added services sped up, with tourism imports surging 26.1 percent year on year to $128.58 billion.

Deficits came from sectors including tourism, transport, royalties and insurance, while a significant surplus was realized in other sectors such as consulting, IT and construction.

MOC data showed that trade in services rose 12.3 percent year on year to $471 billion in 2012, becoming the world's third-largest trader of services.