China recorded a US$7.9 billion trade deficit in the first two months of 2004 as imports continued to surge and tax rebates on exports were cut, according to the Ministry of Commerce. Exports during the period increased 29% year-on-year, reaching US$69.9 billion. Imports jumped 42% over the same period in 2003, totaling US$77.8 billion. The trade deficit is China's first since March 2003.
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