China posts first monthly trade deficit in six years

By DPA,

Beijing: China in March posted its first monthly trade deficit in six years, state media reported Saturday.

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The trade deficit was $7.24 billion last month, the first monthly deficit since April 2004, the official Xinhua news agency said citing figures from the General Administration of Customs.

This was compared to a $7.61-billion surplus in February, the report said.

Overall, in the first quarter, exports were reportedly up 28.7 percent compared to the same period last year while imports surged 64.6 percent.

Domestic demand for oil and other raw materials had increased, as had imports of automotive products.