In February, China saw imports exceed exports, posting a trade deficit of US$ 7.3 billion. Since 2001, China's exports have outrun imports, helping China steadily post huge trade surpluses. In 2010, China's trade surplus reached about US$ 183.1 billion. And despite the fluctuations in monthly trade volume, China recorded trade surpluses for the majority. According to statistical data, February's trade deficit stems from a reduction in export growth and an increase in imports. China's New Year holiday and the yuan appreciation are not thought to have had a direct impact on China's trade balance. Slowing export growth following a pullback in overseas demand is deemed to have played a major role in China's trade balance turning red.