Exports grew by 3% in March, while imports rose by 24%. In the first quarter, import growth reached 19.6%, significantly exceeding export growth of 11.9%.
Exports in March amounted to 2.23 trillion yuan, up only 3% year-on-year—this is partly due to the late timing of this year's Spring Festival, which led to earlier exports in January and February.
Imports in March reached 1.88 trillion yuan, up 24% year-on-year. This resulted in a trade surplus of just 350 billion yuan (over $50 billion) in March—much lower than the over $100 billion surpluses recorded in January and February.
The details behind the data are still unclear, but overall, the export slowdown appears mainly driven by the late Spring Festival. The impact of the Middle East conflict is more evident in imports, as soaring raw material prices have led to higher spending.
Original source: toutiao.com/article/1862413462743116/
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