SINGAPORE—Accelerating inflation, war in Ukraine and lockdowns in China dented international commerce in March, a sign the global economy is entering a rough patch as policy makers battle to sustain growth.
Data from China, Japan, South Korea and Taiwan all point to a pullback in global trade as European consumers wilted under the pressure of surging energy prices, and Chinese factories slowed to a crawl as major cities such as Shanghai and Shenzhen locked down. The U.S. appetite for imports has held up, but is likely to be challenged as inflation and rising interest rates bite into consumer spending.
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