China’s export growth slowed to a five-month low of 2.5% in March, missing analyst expectations of 8.6% as the Iran war disrupted global shipping. Shipments to the US plunged 26.5%. Imports surged 27.8% YoY — the strongest growth since November 2021 — beating forecasts of 11.2%, driven by higher energy costs and AI chip demand. Crude oil imports fell 2.8% by volume; LNG imports dropped 10.6%. Factory-gate prices rose 0.5% in March, the first increase in more than three years. China reports Q1 GDP on Thursday, with analysts forecasting 4.8% growth.

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