Source:
MSNBC.comBEIJING — China reported its first quarterly trade deficit since 2004 on Sunday as surging prices for commodities pushed up its import bill.
The General Administration of Customs said in an online statement that China posted a trade deficit of $1.02 billion from January to March this year. However, China reported a small trade surplus of $140 million in March, up from a deficit of $7.3 billion the month before, it said.
Export growth in the first quarter was strong, it said, increasing 26.5 percent to $399.64 billion compared to a year earlier, but imports soared 32.6 percent during that period, to $400.66 billion.
"The value of imports in the first quarter hit a record high for the first time of more than $400 billion," the administration said. China imported more mechanical and electrical equipment, including cars, as well as iron ore and soybeans, than it did a year ago and that the prices of those commodities had all shot up.
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http://www.msnbc.msn.com/id/42515917/ns/business-world_business/
How the Hell did
that happen? Jeez, I...I almost feel like apologizing!