Business Insider Australia China recorded a shock trade deficit of $4.98 billion in March, the first in more than a year. Imports surged by 14.4% from a year earlier while exports fell 2.7% over the same period. China’s trade surplus with the US fell to $15.43 billion, below the $20.96 billion level of February. China recorded a surprise trade deficit in March, driven by a steep decline in exports. According to China’s General Administration of Customs, a deficit of $4.98 billion was recorded, surprising economists who were expecting a surplus of $27.21 billion.See the rest of the story at Business InsiderNOW WATCH: Wall Street's biggest bull explains why trade war fears are way overblownSee Also:Australia's central bank has explained why everyone should be worried about a sudden rise in bond yieldsChina may be getting ready to deliver some welcomed news to the marketsJapanese wages are still going backwards after inflation