China March exports slow as imports post 4-year high

China’s trade picture shifted sharply in March 2026 , with export growth cooling while imports jumped at their fastest pace in more than four years, according to data released by China customs on Wednesday.

Exports rose 2.5% in U.S. dollar terms from a year earlier, the data showed. That result marked a six-month low and came in below the 8.6% increase expected by analysts polled by Reuters.

The March slowdown followed a combined 21.8% surge in exports across January and February. The latest figures point to a deceleration in external demand, which the report linked in part to the Middle East conflict.

Imports, by contrast, climbed 27.8% year-on-year in March, far above the 11.2% forecast. China customs data indicated this was the strongest import growth since November 2021, and it also represented an acceleration from the 19.8% growth recorded in the first two months of the year.

The jump in import values helped drive a 3% contraction in China’s total trade surplus . The data release described the higher import values as reflecting tighter global supply conditions.