China Trade Surplus Smallest in Over a Year

2026-04-14 03:15 By Chusnul Chotimah 1 min. read

China’s trade surplus narrowed to $51.13 billion in March 2026, the smallest since February 2025 and well below market expectations of $112 billion.

Export growth slowed sharply to 2.5%, down from February’s 39.6% surge and missing forecasts of 8.3%, due to seasonal factors, including a delayed Lunar New Year, and a high base effect from March 2025’s tariff-driven export boom, rather than weakening global demand.

Meanwhile, imports soared 27.8% year-on-year to a record $269.90 billion, the steepest rise since November 2021, surpassing expectations of 11.1%.

This surge reflects China’s push to secure resources amid supply chain disruptions and elevated costs tied to the Iran conflict, as well as a jump in high-tech purchases like semiconductors.

The trade surplus with the US stood at $16.8 billion in March.

For Q1 2026, China’s trade surplus reached $264.75 billion, down from $271.09 billion in Q1 2025, with exports up 14.7% and imports rising 22.7%.



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