On Tuesday, China published monthly export numbers for March, which showed a sharp slowdown in growth as the conflict pushed up inflation and curbed consumer spending.
China’s export growth slowed sharply to 2.5% last month compared to the same time last year, according to data released on Tuesday by the General Administration of Customs.
It marks a six-month low and comes after the combined exports for January and February jumped by more than 20% compared to a year before.
That figure was boosted by strong demand for electronics and manufactured goods.
China combines the trade data for the first two months of each year to account for fluctuations around the Lunar New Year holiday season, which falls on different dates each year.
China’s imports also surged by nearly 28% in March, customs data showed.
That left China’s monthly trade surplus – how much its exports exceed imports – at just over $50bn (£36.85bn), the lowest number in more than a year.
The surge in the value of imports is likely to be to due a rise in costs globally as a result of the Iran war, according to economics lecturer Yixiao Zhou from the Australian National University.
Iran’s threats against vessels that try to use the crucial Strait of Hormuz shipping route has driven up the cost of crude oil, as well as materials made from it like plastics.
China is less reliant on oil from the Gulf than other major Asian economies, like Japan and South Korea, that have been hit hard by the crisis.
But petrol is becoming more expensive in the country, while some Chinese airlines have cut flights as jet fuel prices surged.
The war could hit China’s exports if consumers around the world are less willing to spend due to higher prices caused by the conflict, Zhou added.
“Export growth ultimately depends on your trading partners’ economies,” she said. “It is hard to sustain that growth at a very high rate continuously.”