The State Administration of Foreign Exchange Announces Data on my country's International Trade in Goods and Services for March 2021

Release time:2021-05-14

In March 2021, my country's international trade in goods and services revenues in terms of balance of payments reached 1,720.3 billion yuan, expenditures 1,659.4 billion yuan, and a surplus of 60.9 billion yuan. Among them, the income from trade in goods was 1,542.4 billion yuan, the expenditure was 1,425.6 billion yuan, and the surplus was 116.8 billion yuan; the income from trade in services was 177.8 billion yuan, the expenditure was 233.8 billion yuan, and the deficit was 55.9 billion yuan.


In terms of U.S. dollars, in March 2021, my country’s international trade in goods and services in terms of balance of payments received 264.4 billion U.S. dollars and spent 255 billion U.S. dollars, with a surplus of 9.4 billion U.S. dollars. Among them, the income from trade in goods was US$237.1 billion, the expenditure was US$219.1 billion, and the surplus was US$18 billion; the income from trade in services was US$27.3 billion, the expenditure was US$35.9 billion, and the deficit was US$8.6 billion.




Index explanation:


Trade in goods and services: refers to the trade in goods and services that occur between residents and non-residents. It has the same caliber as the balance of payments.


1. Goods trade: refers to goods trade in which economic ownership is transferred between Chinese residents and non-residents. The credit side records the export of goods, and the debit side records the import of goods. The cargo account data mainly comes from customs import and export statistics, but there are the following main 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, imported processing trade and other trade goods) ), the goods whose ownership has not been transferred (such as processing with supplied materials or processing trade with materials) are not included in the statistics of goods, but are included in the statistics of trade in services; second, in terms of pricing, the statistics of international payments require that the value of imports and exports are recorded at FOB prices. Customs export value is the FOB price, but the import value is the CIF price. Therefore, the international payment statistics are transferred from the customs import value and included in the service trade statistics; the third is to supplement the customs statistics. Net export data of goods under resale transactions.


2. Service trade: including 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 entertainment services, and Government services not mentioned elsewhere. The lender records the services provided, and the debit records the services received.


2.1 Processing services: also known as "manufacturing services for physical inputs owned by others", which means that the ownership of the goods has not been transferred between the owner and the processing party, and the processing party only provides processing, assembly, packaging and other services, and the ownership of the goods The processing service fee is charged by the person. The lender records the processing services provided by Chinese residents for physical objects owned by non-residents. The debit side records that Chinese residents receive processing services from non-residents.


2.2 Maintenance and repair services: refers to the repair and maintenance work provided by residents or non-residents to goods and equipment owned by the other party (such as ships, airplanes and other means of transportation). The lender records the maintenance and repair services provided by Chinese residents to non-residents. The debit side records non-resident maintenance and repair services received by Chinese residents.


2.3 Transportation: Refers to the process of transporting people and objects from one place to another, as well as related auxiliary and ancillary services, as well as postal and postal services. The lender records the international transportation, postal express and other services provided by residents to non-residents. The debit side records the non-resident international transportation, postal express and other services accepted by the residents.


2.4 Travel: Refers to the goods consumed and services purchased by travelers during their travels in the economy in which they are non-residents. The lender records the goods and services provided by Chinese residents to non-residents who have stayed in my country for less than one year, as well as non-resident overseas students and medical personnel who have an unlimited period of stay. The debit side records non-resident goods and services purchased by Chinese residents during overseas travel, study abroad, or medical treatment.


2.5 Construction services: refers to the establishment, renovation, maintenance or expansion of fixed assets in the form of construction, engineering construction of land improvement, roads, bridges and dams, related installation, assembly, painting, pipeline construction, demolition and project management, etc. , And special services such as site preparation, measurement and blasting. The lender records the construction services provided by residents of our country outside the economic territory. The debit side records the non-resident construction services received by Chinese residents in the economic territory of my country.


2.6 Insurance and pension services: Refers to various insurance services and the commissions of agents related to insurance transactions. The lender records the life insurance and annuities, non-life insurance, reinsurance, standardized guarantee services and related ancillary services provided by Chinese residents to non-residents. The debit side records that Chinese residents accept life insurance and annuities, non-life insurance, reinsurance, standardized guarantee services and related auxiliary services from non-residents.


2.7 Financial services: refer to financial intermediary and auxiliary services, but do not include services involved in insurance and pension service items. The lender records the financial intermediary and ancillary services provided by Chinese residents to non-residents. The debit side records the financial intermediary and ancillary services provided by Chinese residents to non-residents.


2.8 Intellectual property use fee: refers to the licensed use of intangible, non-production/non-financial assets and exclusive rights between residents and non-residents, and the use of original works or prototypes that have come out through a franchise arrangement. The lender records the intellectual property-related services provided by Chinese residents to non-residents. The debit side records non-resident intellectual property services used by Chinese residents.


2.9 Telecommunications, computer and information services: refer to communication services between residents and non-residents and service transactions related to computer data and news, but do not include commercial services delivered through the media of telephones, computers and the Internet. The lender records the telecommunication services, computer services, and information services provided by residents of the country to non-residents. The debit side records the telecommunications services, computer services and information services provided by non-residents by residents of the country.


2.10 Other business services: Refers to other types of services between residents and non-residents, including R&D services, professional and management consulting services, technical and trade-related services. The lender records other commercial services provided by Chinese residents to non-residents. The debit side records other non-resident commercial services received by Chinese residents.


2.11 Personal, cultural and entertainment services: refers to personal, cultural and entertainment-related service transactions between residents and non-residents, including audiovisual and related services (movies, radios, TV programs and music recordings), other personal, cultural and entertainment services ( Health, education, etc.). The lender records related services provided by Chinese residents to non-residents. The debit side records non-resident-related services received by Chinese residents.


2.12 Government services not mentioned elsewhere: refers to the various goods and services provided and purchased by governments and international organizations that are not included in other categories of goods and services. The lender records the goods and services provided by Chinese residents to non-residents that are not covered elsewhere. The debit side records the goods and services that Chinese residents purchase from non-residents that are not covered elsewhere.


Transfer from: Foreign Exchange Bureau website


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