China’s exports increased less than expected in March, while imports rose strongly. Shipments increased 10% in March from a year earlier, compared to a median estimate of plus 11.7%, lower than the 21.8% gain in February. Sales to the U.S. and Europe fell for the first time since November. Imports accelerated 14.1% in the last month (forecast +6%), following a 15.2% drop a month earlier. The trade balance closed with a deficit of $880m, while economists had predicted a surplus of $15.15bn.