Chinese trade data for March has come in mixed with a surge in exports partially offset by continued weakness in imports.
According to China’s customs department, exports grew by 11.5% in US dollar denominated terms from March 2015, easily beating expectations for an increase of 2.5%.
The gain — following a 24.5% collapse in the 12 months to February which was the steepest decline since May 2009 — marked the fastest annual growth seen since February 2015. It was also the first time since June last year that a year-on-year increase was reported.
While exports outperformed, imports continued to disappoint, falling 13.8% from 12 month earlier. The contraction, unchanged from February, missed expectations for a smaller decline of 10.2%.
Despite the rebound in exports reported during the month, the national trade surplus narrowed to $29.86 billion, the smallest seen since March 2015. It was slightly below expectations for a decrease to $30.85 billion.
The chart below tracks the annual change in imports and exports, along with China’s monthly trade balance.
Join the conversation about this story »
NOW WATCH: 'Batman v Superman' is a complete trainwreck, and director Zack Snyder is to blame