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Andrew Mullen

Orange Wang

China’s imports fell unexpectedly in March, data released on Wednesday showed, while export growth beat expectations.
Imports fell by 0.1 per cent in March from a year earlier to US$228.7 billion, compared with growth of 15.5 per cent in combined figures for January and February.
The March figure was well below the median result of a survey of analysts conducted by Bloomberg, which had predicted 8 per cent growth.
In the first quarter, imports grew by 9.6 per cent to US$657.98 billion, compared with a year earlier.




Exports, meanwhile, grew by 14.7 per cent last month from a year earlier to US$276.08 billion, compared with growth of 16.3 per cent in combined figures for January and February.
The March figure was above the Bloomberg survey, which had predicted 12.8 per cent growth.
In the first quarter, exports grew by 15.8 per cent to US$820.92 billion compared with a year earlier.
Overall, China’s total trade surplus was US$47.3 billion in March, versus US$115.95 billion in January and February combined.
The external environment of foreign trade is becoming more severe, development faces many risks and challenges
Li Kuiwen
In the first quarter, China’s trade surplus stood at US$162.9 billion.
“Generally speaking, China’s foreign trade got off to a smooth start in the first quarter of this year, laying a good foundation for achieving the target for the whole year,” Chinese customs spokesman Li Kuiwen said.
“But at the same time, we should also see that there are some unexpected, sudden factors in the current international and domestic environments, the external environment of foreign trade is becoming more severe, development faces many risks and challenges, and coupled with the high base last year, greater efforts should be made to achieve the goal of foreign trade for the whole year.”
In March last year, China’s exports grew by 30.6 per cent from a year earlier, while imports grew by 38.1 per cent during the same period.
Premier Li flags ‘sense of urgency’ in fresh warnings to provincial leaders
China’s imports from the United States fell by 11.95 per cent from a year earlier to US$15.22 billion in March, while exports increased by 22.38 per cent to US$47.31 billion.
In March, China’s trade surplus with the US rose by 50 per cent from a year earlier to US$32.086 billion, up from US$59.771 billion in January and February.
The 10 countries of the Association of Southeast Asian Nations (Asean) regained their place as China’s largest trade partner, followed by the European Union and the US.
China’s exports to the Asean countries rose by 10.38 per cent compared with a year earlier to US$41.64 billion in March, while imports rose by 2.7 per cent to US$33.98 billion.
China’s export growth stayed strong in March, but imports collapsed
Zhang Zhiwei
Amid the ongoing war in Ukraine, China’s exports to Russia in March fell by 7.65 per cent compared with a year earlier to US$3.82 billion, while imports rose by 26.39 per cent to US$7.84 billion, according to SCMP calculations.
“China’s export growth stayed strong in March, but imports collapsed. The weak imports likely reflect the damage from Omicron outbreaks that slowed the flow of goods through major ports in China. As imports in March reflect orders placed in earlier months, this is probably not driven by weakening demand,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management.
“I expect imports will stay weak in April and May as the new import orders likely dropped in March. Transportation takes time. The weak domestic demand today will show up in trade data in the coming months.
“Exports growth in April will likely slow as well, as supply-chain disruptions have an adverse impact on industrial production.”


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China’s exports grew by 14.7 per cent in March compared to a year earlier, while imports fell by 0.1 per cent last month, data released on Wednesday showed. Photo: Xinhua

China’s exports grew by 14.7 per cent in March compared to a year earlier, while imports fell by 0.1 per cent last month, data released on Wednesday showed. Photo: Reuters

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Chinese President Xi Jinping last week renewed criticism of Western sanctions against Russia, as top European Union officials sought assurances from Beijing that it would not help Moscow circumvent the economic measures imposed in response to its invasion of Ukraine. Photo: AP

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Imports fell by 0.1 per cent in March from a year earlier, down from 15.5 per cent growth in combined figures for January and February
Exports grew by 14.7 per cent in March compared with a year earlier, down from 16.3 per cent growth in combined figures for January and February


China’s imports fell by 0.1 per cent per cent in March compared with a year earlier, while exports grew by 14.7 per cent last month, data released on Wednesday shows.
