China's import and export data for March revealed a sharply divergent pattern: the energy shock stemming from the Iran war impacted crude oil and natural gas imports, while in the context of disrupted global fossil fuel supplies, exports of green energy products such as new energy vehicles and lithium batteries showed a clear counter-trend growth momentum in the first quarter.
On April 14, data released by the General Administration of Customs showed that, in U.S. dollar terms, China's March exports rose 2.5% year on year, hitting a five-month low, while imports surged 27.8% year on year, marking the best performance since November 2021.
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The global energy shock triggered by the blockade of the Strait of Hormuz was the core disturbance factor behind this month's import and export data. Crude oil and natural gas imports both declined in March, while exports of green energy products grew against the trend. Overseas sales of electric and hybrid vehicles doubled in March, setting a new record, partially offsetting the drag from the energy shock. Looking at first-quarter data, exports of green energy products grew against the trend, with significant increases in electric vehicles and lithium batteries.
Notably, exports of high-tech products also performed strongly in March. The volume of integrated circuit exports rose 13% year on year, and the value of exports surged 84.92% year on year, accelerating further from the 72.6% growth rate recorded in the first two months.
<h2>Crude Oil and Natural Gas Imports Under Pressure in March</h2>
The actual blockade of the Strait of Hormuz weighed on energy imports in March. Data show that crude oil imports fell 2.8% year on year in March to 49.982 million tonnes.
Emma Li, an analyst at vessel-tracking firm Vortexa, stated that China's seaborne crude oil imports in March were broadly flat year on year, remaining around 10.5 million barrels per day, while inventories increased by about 34 million barrels. She noted that loading times for Middle Eastern cargoes were concentrated in January and February, so supply disruptions in the Strait of Hormuz had not yet had a material impact on March imports.
As the effects of the Iran war gradually unfold, supply pressures are expected to intensify significantly in April. Ye Lin of Rystad Energy said that China's crude oil imports in April could be about 2 million barrels per day below normal import demand, creating a notable shortfall.
Natural gas imports fell about 11% year on year to 8.183 million tonnes, the lowest level since October 2022, primarily constrained by the actual closure of the Strait of Hormuz disrupting cargo flows from the Persian Gulf, bringing cumulative imports for the year down by about 4% compared to the same period in 2025.
The decline in liquefied natural gas (LNG) imports was even more pronounced. According to vessel-tracking data, seaborne LNG arrivals in March dropped 22% year on year to 3.74 million tonnes.
<h2>Green Energy Exports Grow Against the Trend</h2>
Amid disruptions to global fossil fuel supplies, China's exports of green energy products posted clear counter-trend growth in the first quarter.
Data show that electric vehicle exports rose 77.5% year on year in the first quarter, lithium battery exports grew 50.4%, and wind turbine and component exports increased 45.2%.
Overseas sales of electric and hybrid vehicles doubled in March, refreshing historical records. Chinese automakers surpassed Japanese brands in the Australian market for the first time and will double their market share in the UK.
Analysts point out that the Iran war has pushed up oil prices, which may further stimulate overseas consumers to shift toward electric mobility in the short term, boosting demand for Chinese new energy vehicles and solar panels among other green products abroad.
Exports of high-tech products also performed strongly. In March, the value of integrated circuit exports surged 84.92% year on year, and the value of integrated circuit exports in the first quarter jumped 78% year on year, with overall high-tech product exports rising nearly 30%.
Data also show that South Korea's exports to China grew 62.4% in March, with semiconductor shipments surging 151.4%, confirming the strong pull of the AI boom on China's surrounding supply chains.
<h2>Price-Volume Divergence in Commodity Imports Across Multiple Categories in March</h2>
According to data released by the General Administration of Customs, the trend of price-volume divergence spanned multiple categories, highlighting the price-driven nature of this import surge.
<blockquote>
The value of copper ore imports rose close to 67% year on year, but import volumes grew only 11.5%;
The value of unwrought copper and copper products increased by 20%, while import volumes fell 11%;
The value of fertilizer imports climbed about 59%, with import volumes rising just 27%;
The value of integrated circuit imports grew about 49%, while import volumes increased only 14%.
</blockquote>
By volume, China's March imports of refined petroleum products, integrated circuits, and soybeans were 3.638 million tonnes, 54.65 billion units, and 4.019 million tonnes, respectively, representing year-on-year increases of 19.2%, 14.35%, and 14.73%.
Imports of unwrought copper and copper materials, natural gas, and crude oil fell 10.92%, 10.65%, and 2.79% year on year, respectively.
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By value, China's March imports of copper ores and concentrates, integrated circuits, and refined petroleum products rose 61.58%, 48.91%, and 22.64% year on year, respectively.
Imports of natural gas, crude oil, and steel fell 22.64%, 7.42%, and 0.16% year on year, respectively.
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Data released by the General Administration of Customs show:
<blockquote>
China imported 4.019 million tonnes of soybeans in March; cumulative soybean imports for the year reached 16.58 million tonnes, down 3.1% year on year.
Crude oil imports in March totaled 49.982 million tonnes; cumulative crude oil imports for the year reached 146.838 million tonnes, up 8.9% year on year.
Refined petroleum product imports in March amounted to 3.638 million tonnes; cumulative imports for the year reached 12.670 million tonnes, up 35.4% year on year.
Coal and lignite imports in March totaled 39.059 million tonnes; cumulative imports for the year reached 116.279 million tonnes, up 1.3% year on year.
Natural gas imports in March amounted to 8.183 million tonnes; cumulative imports for the year reached 28.145 million tonnes, down 4% year on year.
Iron ore and its concentrates imports in March totaled 104.743 million tonnes; cumulative imports for the year reached 314.762 million tonnes, up 10.5% year on year.
Unwrought copper and copper materials imports in March amounted to 416,000 tonnes; cumulative imports for the year reached 1.115 million tonnes, down 14.2% year on year.
Copper ores and concentrates imports in March totaled 2.63 million tonnes; cumulative imports for the year reached 7.563 million tonnes, up 6.6% year on year.
</blockquote>

MCHI

The global energy shock triggered by the blockade of the Strait of Hormuz was the core disturbance factor behind this month's import and export data. Both crude oil and natural gas imports declined in March, while green energy products such as new energy vehicles and lithium batteries saw counter-trend growth in exports. Overseas sales of electric and hybrid vehicles doubled in March, reaching a record high, partially offsetting the drag from the energy shock

- China's March import and export data showed a stark divergence due to the energy impact from the Iran conflict, with oil and gas imports declining while green energy exports like electric vehicles surged.  
- In March, exports increased by 2.5% year-on-year, while imports soared by 27.8%, marking the best performance since November 2021.  
- Electric vehicle exports grew 77.5% in Q1, bolstered by record overseas sales, and high-tech product exports also performed strongly, highlighting a transition toward greener technologies amid energy supply disruptions.

China's March Natural Gas Imports Fall to Over Three-Year Low; EV Exports Surge 77% in Q1, Lithium Battery Exports Up 50%