Imports of pricier commodities drive first monthly trade deficit in three years

China had its first monthly trade deficit in three years in February, as strong demand for Chinese goods both internally and around the world led to higher imports of raw materials. Overall foreign trade was stable in year-on-year terms, while declining from the previous month.

The country's imports surged by 44.7 percent year-on-year in February in yuan-denominated terms, while exports rose only by 4.2 percent, official data showed on Wednesday.

This led to a monthly trade deficit of 60.36 billion yuan ($8.74 billion), after a surplus of more than 354.5 billion yuan in January, according to the General Administration of Customs.