Live news: Asian stocks down after Fed officials predict ‘mild’ recession this year

Chinese exports surged 14.8 per cent in March, defying economists’ expectations for a steep contraction, after officials called on the country to develop trade amid an export slowdown.

Analysts polled by Reuters had expected exports to fall 7 per cent.

Imports, meanwhile, also beat expectations, declining by just 1.4 per cent against expectations for a 5 per cent contraction. That left the country with a monthly trade surplus of $88.2bn for the month.

China’s exports, which provided an economic lifeline during the pandemic, had lagged at the start of this year. Last week, Li Qiang, the country’s premier, chaired a meeting of the State Council that studied measures to promote the stability of foreign trade.