Financial News: China Exports Rise Less Than Forecast; Imports Surge

China Exports Rise Less Than Forecast; Imports Surge

(RTTNews) - China exports growth eased sharply and imports surged the most in more than four years in March, reflecting disruptions in global supply chains caused by the Strait of Hormuz blockade.

Exports increased 2.5 percent year-on-year in March, slower than the 21.8 percent increase in the first two months of the year, the General Administration of Customs reported Tuesday. The figure fell substantially short of the 8.3 percent growth forecast.

Meanwhile, imports surged 27.8 percent on a yearly basis, significantly outpacing the 19.8 percent expansion in the January to February period. The rate was also faster than forecast of 11.1 percent.

The latest growth in imports was the fastest in more than four years, driven primarily by higher commodity prices.

The trade surplus totaled $51.1 billion compared to $213.6 billion in the previous month.

Data showed that exports to the US declined 26.5 percent from the prior year, while imports grew 1.0 percent.

ING economist Lynn Song said higher energy prices will feed into import prices in the months ahead.

"With the drag from the US expected to ease-assuming no new tariff shocks, which cannot be fully ruled out-external demand should remain an important driver of growth this year," the economist said.

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