China's March Export Growth Slows Significantly; the Focus is How High Oil Prices Will Affect

Recently NHK News on-line reported the following:

中国 3月輸出額 伸びが大幅鈍化 原油高がどう影響するか焦点

2026年4月14日午後6時04分

中国

中国の3月の輸出額は、ヨーロッパや東南アジア向けが伸びたことから、去年の同じ月と比べて2％余り増えました。ただ、前の2か月間と比べると伸びが大幅に鈍化していて、イラン情勢の緊迫化に伴う原油価格の高止まりが、今後、どう影響するかが焦点です。

中国の税関当局が、14日に発表した貿易統計によりますと、3月の輸出額は、去年の同じ月と比べてドル換算で2.5％増加しました。

このうち、

▽アメリカ向けは、トランプ政権による関税措置の影響で26％余り減った一方、

▽ヨーロッパや東南アジア向けが伸び、アメリカの減少分を補いました。

ただ、21％余り増加した前の2か月間と比べると、輸出額の伸びは、大幅に鈍化しました。

イラン情勢の緊迫化に伴って原油価格の高止まりが続けば、中国の主要な輸出先の内需が冷え込み、輸出に悪影響がおよぶという指摘も出ていて、今後、原油価格の高止まりが中国の輸出にどう影響するかが焦点です。

一方、輸入額は、去年の同じ月と比べ、27.8％増加しました。

また、日本との貿易は、日中関係が悪化する中でも輸出額が3％余り、輸入額が35％余り、それぞれ増えました。

Translation

China's March Export Growth Slows Significantly; the Focus is  How High Oil Prices Will Affect

April 14, 2026, 6:04 PM

China

China's March exports increased by more than 2% compared to the same month last year, driven by growth in exports to Europe and Southeast Asia. However, compared to the previous two months this represented a significant slowdown, the focus now would be on how the persistently high crude oil prices due to the escalating tensions in Iran could affect the situation.

According to trade statistics released by Chinese customs authorities on the 14th, March exports increased by 2.5% in dollar terms compared to the same month last year.

Of this,

▽On the one hand exports to the United States decreased by more than 26% due to tariff measures imposed by the Trump administration,

▽Exports to Europe and Southeast Asia increased, offsetting the decline in exports to the United States.

However, compared to the previous two months, when exports increased by more than 21%, the growth in export value decreased significantly.

With tensions escalating in Iran and persistently high crude oil prices, there were also concerns that the slowdown in domestic demand in China's major export markets could negatively impact exports. The focus now would be how persistently high crude oil prices might affect Chinese exports.

On the other hand, imports increased by 27.8% compared to the same month last year.

Furthermore, trade with Japan saw increases of over 3% in exports and over 35% in imports respectively, even amid deteriorating Japan-China relations.

So, China's March exports increased by more than 2% compared to the same month last year, driven by growth in exports to Europe and Southeast Asia. However, compared to the previous two months this represented a significant slowdown. Apparently, the persistently high crude oil prices due to the escalating tensions in Iran is affecting China’s trading performance.