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US becomes China’s largest source of service imports

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US becomes China’s largest source of service imports

The United States has become China’s largest source of service imports, contributing the most to China’s deficit in service trade in 2019, according to the Ministry of Commerce.

China’s service imports from the United States amounted to 257.45 billion U.S. dollars since the 19th National Congress of the Communist Party of China in 2017, the ministry said on  Friday in a report released on the sidelines of the ongoing third China International Import Expo.

The defining feature of China-U.S. trade-in-services cooperation is mutually beneficial, said the report, noting that U.S. companies have played an active role in the development of China’s service trade.

Meanwhile, China’s service imports have substantially met the needs of U.S. service exporters, which have gained substantial profits and returns, thus promoting the development of the U.S. economy, it said.

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However, the economic and trade frictions between China and the United States have significantly affected China’s import of services from the United States, the report noted.

In 2019, China’s service imports from the United States dropped by 4 per cent year on year to 83.47 billion U.S. dollars, which accounted for 16.6 per cent of China’s total service imports, data from the ministry showed.

Vanguard News Nigeria

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