China records first trade deficit since 2004
China recorded its first quarterly trade deficit since 2004 in the first quarter of this year as domestic growth and rising global commodity prices pushed import costs higher than export values. Between January and March, China imported $1bn more than it exported, compared with the whopping $13bn trade surplus recorded in the same period of 2010. Imports rose 33% to $401bn, while exports were up by 27%. This year's overall total will be lower than in 2010.