Thursday, April 21

China posts 1st quarterly trade deficit since 2004

BEIJING-China its first quarterly trade deficit since 2004 on the Sunday as reported rising prices for raw materials increased its import bill.

The General Administration of customs, said in an online statement that China a trade deficit of $1.02 billion from January to March of this year posted.

However, China a small trade surplus of 140 million $, reported in March, up from a deficit of $7.3 billion in the month, it said.

Export growth in the first quarter was strong, it said, 26.5 percent compared with the previous year to $399.64 billion increase but 32.6 percent increased imports during this period to $400.66 billion.

"The value of imports a record high for the first time by more than $400 billion hit in the first quarter," said the administration.

It said that China imported more mechanical and electrical equipment, including cars, as also iron ore and soybeans, as it was a year of action and that all the prices for these commodities had shot.

Analysts expect a global Chinese trade surplus this year of 160 billion dollar$ 200 billion but say, should the narrow if oil and commodity prices remain high. Last year, China ran a trade surplus of about $16 billion per month.

A smaller trade surplus could help tribes with Washington and other Governments who are complaining that give its exporters an unfair advantage with Exchange controls and other policies Beijing is to facilitate trade.

Stronger imports could economies of China's robust growth drive were looking demand for their help. Imports benefit dependence on exports and investment by ongoing Government efforts to boost consumer spending.

China is a major importer of oil, iron ore and raw materials, and runs a deficit with suppliers such as Saudi Arabia and Australia. It pays for, by performing of multi-billion dollar surpluses with the United States and Europe.



General Administration of customs of China (in Chinese):

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