China has announced that its global exports of iron and steel for the first quarter of 2005 skyrocketed from $0.9 billion from in the same quarter of 2004 to $4.6 billion today – a five fold increase.
China's export of iron and steel products also increased by 57% over the past year - to over $4 billion in the first quarter of this year.
Meanwhile, China's import of iron and steel declined for the same quarter from last year's levels.
China already has a $1 billion surplus in iron and steel products this year, a drastic increase over its -$4.5 billion trade deficit in the first quarter of 2004.
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