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3w ago

China’s March Exports Slow to 2.5% as Imports Jump 27.8%, Squeezing Trade Surplus

The figures point to an energy shock from the Hormuz disruption that is curbing overseas demand by lifting costs.

Trucks carrying containers move at a terminal of the Yantian port in Shenzhen, Guangdong province, China October 30, 2025. REUTERS/Tingshu Wang
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A cleaner sweeps near food delivery riders gather outside restaurants waiting for online orders, in Beijing, China, Wednesday, March 25, 2026. (AP Photo/Andy Wong)

Overview

  • China’s customs agency reported Tuesday that exports rose 2.5% year over year in U.S. dollar terms as imports surged 27.8%, marking the strongest import growth since November 2021.
  • The trade surplus narrowed to about US$51.1 billion, far below the roughly US$108 billion economists had expected in a Reuters poll.
  • Analysts link the shortfall to the Iran conflict and an effective Hormuz choke point that raised fuel and shipping costs, with AI-driven tech demand proving too small to offset the drag in March.
  • In yuan terms, exports looked much stronger because a weaker currency boosts local-currency values even when dollar-based growth is modest.
  • Import details point to price effects and solid commodity inflows, with copper and integrated circuit values rising much faster than volumes, a squeeze that can raise factory costs and pressure margins.