China’s imports surge in March as exports soften amid Hormuz blockade
Export figures fall short of predictions, rising by 2.5 per cent, while imports grow by 27.8 per cent as conflict in Middle East causes global disruption
However, analysts said China was likely to weather the impact better than other countries this year, thanks to its huge domestic market and its complete and efficient manufacturing base.
Imports grew by 27.8 per cent last month – the most since November 2021 – to US$269.9 billion, surpassing the Wind poll’s 5.62 per cent growth projection, leading to a monthly trade surplus of US$51.1 billion.
The surge in imports was driven largely by higher commodity prices. The value of copper ore imports jumped nearly 67 per cent year on year, far outpacing a 10 per cent rise in volumes. Imports of unwrought copper and copper products rose 21 per cent in value despite an 11 per cent drop in volumes.
A similar pattern was seen in other categories. Fertiliser import values climbed almost 59 per cent, compared with a 27 per cent increase in volumes, while integrated circuit (IC) imports rose nearly 54 per cent in value versus a 14 per cent gain in volumes.