China's total service trade surpasses $1 trillion for the first time

(ECNS) -- China’s total service trade surpassed $1 trillion for the first time in 2024, setting a record high, according to the Ministry of Commerce.

In 2024, China's total service trade amounted to 7.52 trillion yuan ($1.03 trillion), up 14.4 percent year-on-year. Exports and imports reached 3.18 trillion yuan and 4.35 trillion yuan, growing 18.2 percent and 11.8 percent year-on-year respectively.

Travel services remain the largest sector in China’s service trade. From famous attractions like the Forbidden City and the Great Wall to the “Citywalk” trend, booming “China Travel” has driven the growth.

In 2024, the total import and export volume of travel services reached 2.05 trillion yuan, marking a rapid year-on-year growth of 38.1 percent, the highest among all sectors.

Additionally, knowledge-intensive service trade reached 2.9 trillion yuan, up 6.5 percent year-on-year.