China's trade surplus drops as exports sink more than expected

China's trade surplus in March was $20bn lower than last year as exports dropped more sharply than expected, according to figures released on Friday by the National Bureau Statistics of China.

The trade surplus came in at $58.55bn last month, down from $78.43bn in March 2023 and well below the $70.2bn expected by economists. This was the lowest level seen since October 2023.

Exports dropped by 7.5% year-on-year in March, reversing the 7.1% growth reported in February and much worse than the 3% decline expected.

Meanwhile, imports fell by 1.9%, down from 3.5% growth the previous month, surprising economists who had expected a 1.2% increase year-on-year.