China posts $1 billion trade deficit, first in 6 yrs

China today reported a surprise quarterly trade deficit of $1.02 billion, the first in six years as it settles to rebalance its export oriented economy to boost domestic consumption in the next five years.

The $1.02 billion deficit from January to March this year was in contrast to trade surplus of $13.91 billion in the first quarter of last year, according to figures released by the General Administration of Customs (GAC) of China.

China's exports increased by 26.5% year on year to $399.64 billion in the first three months this year but imports soared 32.6% to $400.66 billion, raising a question whether China's dream run of exports surplus during the last decade is set to hit a rough patch.

 

From January to March, the total value of imports and exports increased 29%.