ISTANBUL

China's exports increased by 14.8% year-on-year in March, above market expectations, while imports decreased, official figures showed on Thursday.

China's exports totaled $315.59 billion in March, while imports amounted to $227.4 billion, according to state-run news outlet Xinhua, which cited data by the National Bureau of Statistics of China.

The surprising annual raise was probably due to a low base effect, which appeared last year related to China's strong COVID-19 pandemic measures, including shutting down of factories.

While China's exports to the EU rose by 3.38% in March on a yearly basis, the increase was 136.43% for Russia, and it was minus 7.68% for the US.