按美元计值，2025年二季度，我国经常账户顺差1287亿美元，其中，货物贸易顺差2191亿美元，服务贸 易逆差471亿美元，初次收入逆差474亿美元，二次收入顺差41亿美元。资本和金融账户逆差1370亿美 元，其中，资本账户逆差1亿美元，金融账户逆差1369亿美元。 按美元计值，2025年上半年，我国经常账户顺差2941亿美元，其中，货物贸易顺差4567亿美元，服务贸 易逆差1064亿美元，初次收入逆差629亿美元，二次收入顺差68亿美元。资本和金融账户逆差2776亿美 元，其中，资本账户逆差1亿美元，金融账户逆差2775亿美元。 按SDR计值，2025年二季度，我国经常账户顺差949亿SDR，资本和金融账户逆差1008亿SDR。 按SDR计值，2025年上半年，我国经常账户顺差2209亿SDR，资本和金融账户逆差2076亿SDR。 来源：上海证券报·中国证券网 上证报中国证券网讯 据国家外汇管理局9月30日消息，2025年二季度，我国经常账户顺差9252亿元，资 本和金融账户逆差9842亿元。 2025年上半年，我国经常账户顺差21126亿元，资本和金融账户逆差19936亿元。 ...

Core Insights - The State Administration of Foreign Exchange released preliminary data on China's balance of payments for the first half of 2025, indicating a current account surplus of 21,589 billion yuan [1] Trade Balance - The goods trade surplus amounted to 32,798 billion yuan, while the services trade recorded a deficit of 7,604 billion yuan [1] - The primary income deficit was 4,089 billion yuan, and the secondary income surplus was 485 billion yuan [1] USD Valuation - In USD terms, the current account surplus for the first half of 2025 was 300.6 billion USD, with a goods trade surplus of 456.6 billion USD [1] - The services trade deficit in USD was 105.9 billion USD, while the primary income deficit was 56.9 billion USD, and the secondary income surplus was 6.7 billion USD [1]

Group 1 - The total import and export value of China's service trade in the first half of the year reached 38,872.6 billion yuan, representing a year-on-year growth of 8.0% [1] - Service exports amounted to 16,883 billion yuan, with a year-on-year increase of 15.0%, while imports were 21,989.6 billion yuan, growing by 3.2% [1] - The service trade deficit was 5,106.6 billion yuan, a decrease of 1,522.1 billion yuan compared to the same period last year [1] Group 2 - Travel services maintained rapid growth, with imports and exports totaling 10,802.9 billion yuan, a year-on-year increase of 12.3%, making it the largest sector in service trade [1] - Travel service exports saw the highest growth rate, increasing by 68.7%, while imports grew by 5.5% [1] Group 3 - Knowledge-intensive service imports and exports reached 15,025.4 billion yuan, with a year-on-year growth of 6.0% [1] - Major components of knowledge-intensive services included other business services and telecommunications, with export values of 6,391 billion yuan and 5,293.8 billion yuan, growing at rates of 3.1% and 12.7% respectively [1] - Knowledge-intensive service exports totaled 8,650.4 billion yuan, up by 7.8%, while imports were 6,375 billion yuan, increasing by 3.6%, resulting in a surplus of 2,275.4 billion yuan, which expanded by 409.2 billion yuan year-on-year [1]

Core Insights - In the first half of 2025, China's service trade showed steady growth, with a total import and export value of 38,872.6 billion RMB, representing a year-on-year increase of 8.0% [1][3] - Service exports reached 16,883 billion RMB, growing by 15.0%, while imports totaled 21,989.6 billion RMB, with a growth of 3.2% [1][3] - The service trade deficit was 5,106.6 billion RMB, a decrease of 1,522.1 billion RMB compared to the same period last year [1][3] Service Trade Characteristics - Knowledge-intensive service trade continued to grow, with imports and exports totaling 15,025.4 billion RMB, an increase of 6.0% [3] - Major contributors to knowledge-intensive services included other business services and telecommunications, with respective trade values of 6,391 billion RMB and 5,293.8 billion RMB, growing at rates of 3.1% and 12.7% [3] - Knowledge-intensive service exports were 8,650.4 billion RMB, up by 7.8%, while imports were 6,375 billion RMB, increasing by 3.6%, resulting in a surplus of 2,275.4 billion RMB, which is an expansion of 409.2 billion RMB year-on-year [3] Travel Services Performance - Travel services experienced the fastest growth, with total imports and exports reaching 10,802.9 billion RMB, marking a 12.3% increase, making it the largest sector in service trade [3] - Travel service exports surged by 68.7%, while imports grew by 5.5% [3]

Group 1 - The core viewpoint of the article highlights the international balance of payments data for goods and services trade in China for June 2025, showing a significant increase in trade volume compared to the previous year [1] Group 2 - In June 2025, China's total goods and services trade reached 42,214 billion yuan, marking a year-on-year growth of 6% [1] - The goods trade exports amounted to 21,185 billion yuan, while imports were 15,112 billion yuan, resulting in a surplus of 6,073 billion yuan [1] - The services trade saw exports of 2,437 billion yuan and imports of 3,480 billion yuan, leading to a deficit of 1,043 billion yuan [1] - Major components of services trade included transportation services with a trade volume of 1,639 billion yuan, travel services at 1,603 billion yuan, other commercial services at 967 billion yuan, and telecommunications, computer, and information services at 659 billion yuan [1] - In dollar terms, the goods and services trade exports were valued at 32.92 billion USD, imports at 25.91 billion USD, and the surplus was 7.01 billion USD [1]

Core Insights - The core viewpoint of the article highlights the improvement in China's service trade, with a notable decrease in the trade deficit and significant growth in cross-border travel income [1] Group 1: Service Trade Performance - In the first half of the year, China's service trade income increased by 13% year-on-year [1] - Service trade expenditure grew by 2%, indicating stable spending patterns [1] - The overall service trade deficit decreased by 14%, reflecting a positive trend in the balance of service trade [1] Group 2: Cross-Border Travel - Cross-border travel income surged by 42%, showcasing a strong recovery and demand in this sector [1]