China's March exports down 15%, imports down 12%

It said imports fell by 12.3 per cent to 868.67 billion Yuan (US$142 billion) in March, from US$108.6 billion a year ago, said the General Administration of Customs (GAC).

Trade surplus fell 62.6 per cent to 18.16 billion Yuan (US$3 billion) year-on-year (Y-o-Y), it said.

In the first quarter of 2015, China's exports rose 4.9 per cent from a year earlier while imports fell 17.3 per cent, leaving a trade surplus of 755.33 billion Yuan (US$124 billion), a six-fold increase as compared to the same period last year, it said.

The GAC said from January to March this year, trade between China and the US, ASEAN countries and India rose 3.2 per cent, 4.5 per cent and seven per cent Y-o-Y, respectively, in which the exports to emerging markets such as ASEAN countries and India surged by 20.9 per cent and 23.3 per cent, respectively.

In the same period, bilateral trade between China and Malaysia rose 3.2 per cent Y-o-Y to 142.5 billion Yuan (US$ 23 billion), making Malaysia its top partner in ASEAN again.

It said trade between China and Vietnam, Singapore, the Philippines and Thailand rose by 24.7 per cent, 15.1 per cent, 9.4 per cent and 4.2 per cent, respectively in the same period.

However, the bilateral trade between China and Indonesia dropped by 19.4 per cent compared to the same period last year, it said.