China’s export growth rate slowed significantly in March, with a year-on-year increase of only 2.5% in US dollars, down 37.1% from February, marking the lowest point in five months. The trade surplus was halved, narrowing by 49.8% compared to the same period last year.
According to data released by the General Administration of Customs of the Chinese Communist Party on April 14, exports in March amounted to $321.03 billion in US dollars, a 2.5% year-on-year increase, below Reuters’ forecast of 8.6%. This marks a five-month low, with growth slowing by 37.1% from February and by 19.3% from January to February. Imports, on the other hand, reached $269.9 billion, showing a 27.8% year-on-year increase, surpassing the expected 11.2% and hitting a four-year high. This represents a 14% increase from February and an 8% increase from January to February.
The import volume of key commodities in March, when measured in US dollars, shows a 2.78% year-on-year decrease in crude oil imports and a 10.64% decrease in natural gas imports.
During the same period, the trade surplus stood at $51.13 billion, shrinking by 49.8% compared to the previous year, far below economists’ expectations of $113 billion and significantly below the previous surplus of $90.98 billion.
According to reports from Reuters, China’s export growth significantly slowed in March. Beijing has long been criticized by its trading partners for supporting trade through subsidies and price cuts. The conflicts in the Middle East have led to substantial increases in fuel and transportation costs, with authorities unable to avoid the impact of the conflicts on buyers’ purchasing power.
Zhang Zhiwei, Chief Economist at Bosera Asset Management Co., expressed that due to the difficulty of fully passing on the pressure of rising energy prices to overseas consumers, China’s trade surplus may narrow this year.