China's exports fell 7.5% y/y in March, underperforming market consensus of a 1.8% y/y fall and far behind last month's 5.6% y/y growth, data released by Customs on Friday showed. The drop was mainly driven by weak external demand, woth a low base effect also impacting.

Imports fell 1.9% y/y during the month, slower than the market consensus of 1.0% y/y growth but much improved from last month's 8.2% y/y drop.

The trade surplus over the first three months of 2024 was USD183.7 billion, with March contributing USD58.6 billion.