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China’s service trade deficit drops in October

Updated: Nov 27,2014 9:18 AM     Xinhua

BEIJING — China’s foreign service trade deficit dropped in October after rising for four straight months, the latest data from the State Administration of Foreign Exchange (SAFE) showed.

The service trade deficit shrank to 106 billion yuan ($17.2 billion) in the previous month, down from 133 billion yuan in September.

Tourism contributed 42.4 percent of the total deficit, followed by transport and other commercial services.

In October, China spent a total of 181.5 billion yuan in international service trade, outweighing the 75.9 billion yuan gained.

In the first ten months, the aggregate service trade deficit totaled 824 billion yuan, with 1.05 trillion yuan in revenues and 1.87 trillion yuan in spending.