China's deficit hits $540 million in Q1

SHANGHAI, April 12 (UPI) -- China had a $540 million trade deficit in March, its third-straight monthly deficit, China's Greater Standard reports.

The deficit was 18 percent higher than in March 2003, and brought the total deficit for first-quarter 2004 to $8.43 billion, or more than eight times the total in the same quarter of last year.

Total exports and imports in the first quarter grew 38.2 percent to $239.85 billion. Exports grew 34.1 percent to $115.71 billion, while imports grew 42.3 percent to $124.14 billion.