For the first time in a year, China recorded a trade deficit of $31.48 billion in February, the largest in a decade, as import growth far outpaced exports.

Exports rose 18.4 percent from a year earlier to $114.47 billion in February, while imports were up 39.6 percent to $145.96 billion, according to data from the General Administration of Customs.

Liu Ligang, head of Greater China Economics, ANZ Banking Group, was cautiously optimistic about the country's export outlook this year, saying export growth may rally, buttressed by the government's supportive policies and stabilizing external conditions.

"The trade data, along with a slew of other indicators announced previously, suggests the world's second largest economy is heading for a soft landing," he said.