China’s General Administration of Customs reported a $22.98 billion trade deficit in February, the first time imports have exceeded exports since April last year.
This was in contrast to a trade surplus of $31.86 billion in February 2013 and a surplus of $31.86 billion in January this year.
The customs department reported that exports were down just over 18% last month and imports up 10%. Officials speculate that the Lunar New Year holiday, which fell on the first week of February this year, was a major contributor to the fluctuation.
