MOFCOM Report: Export of IPR Loyalties Grew by 3.2 Times in 2017

Recently, the Comprehensive Department of MOFCOM and Chinese Academy of International Trade and Economic Cooperation jointly released the Report of China on Foreign Trade Situation (2018 Spring)(or the “Report”). In terms of China’s service trade, the Report indicated that the service export grew faster than the service import for the first time over the past seven years, among which IPR loyalty export increased by 3.2 times in 2017.

According to the Report, in 2017, China’s service import and export volume reached 4.69911 trillion yuan, up by 6.8% from 2016, of which the service export registered 1.54068 trillion yuan, up by 10.6%; service import totaled 3.15843 trillion yuan, up by 5.1%. In 2017, China’s service trade accounted for 14.5% of the total tradevolume (sum of goods and service import and export), down by 0.7% from 2016. The service trade deficit totaled 1.61774 trillion yuan, down by 5.3% from 2016. The service trade deficit remained at a relatively high level, taking up 34.4% of the total service trade.

Source: Economic Daily