China's exports rebounded unexpectedly to growth in March despite a decline in U.S. and European demand following interest rate hikes to cool inflation.
Exports rose 14.8% over a year earlier to $315.6 billion, recovering from a 6.8% decline in January and February, customs data showed Thursday. Imports sank 1.4% to $227.4 billion, a smaller contraction than the 10.2% slide in the previous two months.China's politically sensitive global trade surplus widened by 82% over a year earlier to $88.2 billion.
Trade weakness adds to complications for President Xi Jinping's government, which is trying to revive economic growth that sank last year to 3%, the second-weakest rate since the 1970s. The ruling Communist Party set this year's growth target at "around 5%." Retail sales and other activity are gradually improving after anti-virus restrictions that kept millions of people at home and temporarily shut down Shanghai and other industrial centers were lifted in December.
Imports of U.S. goods gained 5.6% to $16.1 billion, rebounding from a 5% decline in the first two months of the year. The Chinese trade surplus with the United States shrank by 14% compared with a year earlier to $27.6 billion.
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