The result is the March trade deficit, caused mainly by exceptionally high annual import growth (65%) coupled with relatively low export growth, which reached a nominally impressive 24% only because of the sharp decline recorded in the base period. Such a single-factor situation is easier to deal with than the double-factor situation of 2004, and because the high investment demand has been mainly stimulus-related this time, policymakers can handle it in a more timely fashion if they perceive a problem.