MNI BRIEF: China's Mar Exports Surge On Rush

China's exports grew 12.4% y/y to USD313.91 billion in March, higher than the 4.4% y/y consensus, according to data released by China Customs on Monday.

The month-over-month growth recorded a 46.0% surge, the second highest reading on record after the 47.5% increase in Mar 2023, when China first eased pandemic-related controls. 

Exporters rushing orders ahead of U.S. tariffs likely drove the increase. Imports, which amounted to USD211.27 billion, registered a 4.3% y/y drop, down from the 2.1% y/y consensus decrease and the previous 1.5% growth. China’s trade surplus in March hit USD102.6 billion, compared with the consensus of USD74.4 billion.