China is back to trade surplus in March

China is back to trade surplus in March from February's deficit of $31.48 billion, posting a $670-million trade surplus in the first quarter, the General Administration of Customs(GAC) said Tuesday.

The country's foreign trade in March rose 7.1 percent year-on-year to reach $325.97 billion,with a trade surplus of $5.35 billion.

Exports amounted to $165.66 billion in March, up 8.9 percent year-on-year, while importsreached $160.31 billion, the GAC data showed.

However, China's trade with Russia, which joined the World Trade Organization this year,showed a rapid growth of 33 percent year-on-year to hit $21.49 billion.

Meanwhile, China's trade with Brazil, a major exporter of iron ore and other raw materials,gained 11.5 percent from the previous year to hit $18 billion in the first quarter.

The government last month set a target for 7.5 percent economic growth this year. China's economy grew 9.2 percent last year and 10.4 percent in 2010.

Sources:

chinadaily
news.yahoo
news.xin