China Posts First-Quarter Trade Deficit

China recorded a trade deficit of $1.02 billion in the first three months of this year, its first quarterly deficit for six years, the government said on Sunday. January to March export value rose by 26.5 per cent year on year to $399.64 billion, while import value jumped 32.6 per cent to $400.66 billion, the General Administration of Customs said.
Total trade value was up 29.5 per cent to $800.3 billion in the quarter, it reported. It said the growth in import value was fuelled by rises in commodity prices and in China's imports of mechanical and electrical equipment, cars, iron ore and soybeans, according to a report of DPA.