China Posts First Quarterly Deficit in Seven Years

(Beijing) -- China registered its first quarterly trade deficit since 2004 as rising commodity prices continue to push up its imports.

According to April 10 data published by the General Administration of Customs, the cumulative trade balance for the first three months of 2011 amounted to a deficit of US$ 1.02 billion. The customs administration said the deficit arose in part from surging international commodity prices, rapid growth of its domestic economy and seasonal production slumps during the Spring Festival, the largest public holiday.