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Official figures show that China's trade deficit hit 31.49 billion US dollars in February. According to Dow Jones Newswires records, the deficit was the largest in 12 years.
China's trade deficit hit $31.49 billion in February as exports were dampened by the Eurozone debt crisis and a slow recovery of the U.S. economy.
China's exports totaled $114.47 billion in February, while imports totaled $145.96 billion. The trade deficit is the difference between the imports and exports, which gives $31.49 billion.
The data, release last week by the General Administration of Customs, is a key indicator of global economic growth.
The former deputy minister of commerce of China, Wei Jianguo, said that China may face an increasing deficit this year.
[Wei Jianguo, Former Deputy Minister of Commerce]:
"China is facing a worsening trade deficit this year. In 2011, China recorded three months where imports exceeded exports, and in 2012, perhaps more than three months will record a trade deficit."
China's demand for imported raw material, such as crude oil, iron-ore and copper, was very strong last month.
In an AFP article, economic analysts say that China is still likely to enjoy a trade surplus for 2012.
China often experiences a monthly trade deficit early in the year because the Chinese lunar New Year stalls exports.