The State Administration of Foreign Exchange (SAFE) released data on China's balance of payments trade in goods and services for January 2024

2In January 2010, the import and export scale of China's international balance of payments in goods and services was 4,234.4 billion yuan, an increase of 23%。Of this total, exports of goods reached 2,022.4 billion yuan and imports reached 1,609.4 billion yuan, with a surplus of 413 billion yuan.Exports of services reached 217.8 billion yuan and imports reached 384.8 billion yuan, with a deficit of 167.1 billion yuan。The main items of service trade are: the import and export volume of travel services is 175.4 billion yuan, the import and export volume of transport services is 167.4 billion yuan, the import and export volume of other business services is 109.2 billion yuan, and the import and export volume of telecommunications, computer and information services is 61.7 billion yuan。

In US dollar terms, in January 2024, China's balance of payments exports of goods and services were 315.3 billion US dollars, imports were 280.6 billion US dollars, and the surplus was 34.6 billion US dollars。

China's balance of payments data on trade in goods and services

2024年1月

注：

1. The trade in goods and services in this table is consistent with the goods and services in the balance of international payments, and refers to the transactions between residents and non-residents。The monthly figures are preliminary and may not be consistent with the quarterly figures in the balance of payments。

2. International balance of payments data on trade in goods and services are compiled in US dollars, and the RMB data for the current month are converted from the USD data at the monthly average central parity rate of RMB against US dollars。

3. The count in this table adopts the rounding principle。

Indicator interpretation:

Balance of payments Trade in goods and services: refers to the import and export of goods and services trade between residents and non-residents, which is the same caliber as the balance of payments。

1．Trade in goods: It refers to the import and export of goods whose economic ownership is transferred between residents and non-residents in China。The credit records the export of goods and the debit records the import of goods。The goods account data mainly come from customs import and export statistics，However, there are the following major differences with customs statistics: First, the goods in the balance of payments only record the goods whose ownership has been transferred (such as general trade, import processing trade and other trade goods).，Goods whose ownership has not been transferred (such as incoming processing or outgoing processing trade) are not included in the goods statistics，Included in service trade statistics;The second is the pricing，Balance of payments statistics require import and export values to be recorded at FOB prices，The value of customs exports is FOB，But the value of imports is CIF，Therefore, the balance of payments statistics deduct the expenditure on international transport insurance from the value of customs imports，Include in service trade statistics;Third, it supplements the net export data of goods under the resale trade that the customs has not counted。

2．Trade in Services:Includes processing services, maintenance and repair services, transportation, travel, construction, insurance and pension services, financial services, intellectual property royalties, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government services not mentioned elsewhere。A lender records services provided by our country, namely services exports;The debit party records the services received by our country, that is, the service import。

2.1Processing Services:Also known as "manufacturing services for physical inputs owned by others", it means that the ownership of the goods is not transferred between the owner and the processing party, and the processing party only provides processing, assembly, packaging and other services, and collects processing service fees from the owner of the goods。The credit records the processing services provided by our residents for the physical objects owned by non-residents。The debit records the processing services received by our residents from non-residents。

2.2Maintenance and repair services:Repairs and maintenance of goods and equipment (such as ships, aircraft and other means of transport) owned by the other party by residents or non-residents。The lender records maintenance and repair services provided by our residents to non-residents。The borrower records non-resident maintenance and repair services received by our residents。

2.3运输：The process of transporting people and objects from one place to another and related ancillary and ancillary services, as well as postal and postal services。The lender records international transportation, postal delivery, and other services provided by residents to non-residents。The borrower records the non-resident international transportation, postal delivery and other services received by the resident。

2.4旅行：Goods and services purchased by travelers during their trips to economies where they are non-residents。The lender records the goods and services provided by our residents to the non-residents who stay in our territory for less than one year and to the non-residents who study abroad and to the medical personnel whose stay is unlimited。Debit records non-resident goods and services purchased by Chinese residents during overseas travel, study or medical treatment。

2.5Construction service: refers to the establishment, renovation, maintenance or expansion of fixed assets in the form of construction, engineering land improvement, roads, Bridges and DAMS and other engineering construction, related installation, assembly, painting, pipeline construction, demolition and project management, as well as site preparation, surveying and blasting and other special services。The credit records the construction services provided by our residents outside the economic territory。The borrower records the non-resident construction services received by our residents in our economic territory。

2.6Insurance and pension services: refers to various insurance services and agents' commissions in connection with insurance transactions。The lender records life insurance and annuities, non-life insurance, reinsurance, standardized guarantee services and related ancillary services provided by our residents to non-residents。Debit records Our residents' acceptance of non-residents' life insurance and annuities, non-life insurance, reinsurance, standardized guarantee services and related ancillary services。

2.7Financial serviceFinancial intermediation and ancillary services, but excluding those involved in insurance and pension services。Lenders record financial intermediation and ancillary services provided by our residents to non-residents。The debit records the receipt by our residents of financial intermediation and ancillary services by non-residents。

2.8Intellectual property royalties: means the licensed use of intangible, non-productive goods between residents and non-residents/Non-financial assets and exclusive rights, as well as licensed use of existing originals or prototypes。The lender records the intellectual property related services provided by Chinese residents to non-residents。The borrower records the use of non-resident intellectual property services by Chinese residents。

2.9Telecommunications, computer and information servicesCommunication services between residents and non-residents and transactions in services related to computer data and news, but excluding commercial services delivered through the medium of telephone, computer and Internet。A lender records telecommunications, computer and information services provided by a resident to a non-resident。The borrower records the telecommunications, computer and information services received by the resident from the non-resident。

2.10Other business services: Other types of services between residents and non-residents, including research and development services, professional and management consulting services, technology, trade-related services, etc。The lender records other business services provided by our residents to non-residents。The borrower records other business services received by non-residents of our country。

2.11Personal, cultural and entertainment services:Transactions between residents and non-residents relating to personal, cultural and recreational services, including audiovisual and related services (films, radio, television programmes and music recordings), and other personal, cultural and recreational services (health, education, etc.)。The lender records the services rendered by residents to non-residents。The debit records the non-resident related services received by our residents。

2.12Government goods and services not mentioned elsewhere:Goods and services provided and purchased by governments and international organizations that are not included in other categories of goods and services。Lenders record goods and services provided by our residents to non-residents not covered elsewhere。Borrowers record purchases of goods and services not covered elsewhere by our residents from non-residents。