China’s export growth slowed to 2.5% year-on-year in March, the weakest pace in
six months, as manufacturers faced higher commodity and energy costs amid Middle
East disruptions. Imports surged 27.8%, the strongest growth since November
2021, far exceeding expectations, according to customs data. The trade surplus
narrowed sharply. Officials cited “fierce fluctuations” in global oil prices,
warning of a “complex and severe” trade environment. Rising input costs lifted
factory-gate prices for the first time in over three years, while CPI rose 1%
YoY. Despite external pressures and tariff risks, trade remains a key growth
driver ahead of Q1 GDP data due Thursday.
