不再是美国，中国第一大贸易伙伴变了，是谁上位了？

Core Insights - China's overall trade performance in the first five months of 2025 shows a steady recovery, with total import and export value reaching 17.94 trillion yuan, a year-on-year increase of 2.5% [1][3] - Exports amounted to 10.67 trillion yuan, growing by 7.2%, while imports were 7.27 trillion yuan, reflecting a decline of 3.8% [1] Trade Partners - ASEAN remains China's largest trading partner, with a trade value of 3.02 trillion yuan, marking a significant growth of 9.1% [1][6] - The EU ranks second with a trade value of 2.3 trillion yuan, up by 2.9%, while the US has fallen to third place with a trade value of 1.72 trillion yuan, down by 8.1% [1][5] Export and Import Dynamics - In the first five months, exports to ASEAN reached 1.9 trillion yuan, increasing by 13.5%, while imports from ASEAN were 1.12 trillion yuan, up by 2.3% [6] - Notable growth in exports was observed towards Germany (12.3% increase), India (15.1% increase), and Africa (18.9% increase) [5][6] Product Structure and Market Opportunities - The main products exported to ASEAN include electromechanical products, textiles, steel, and chemical products, indicating a diverse demand structure [6][7] - Vietnam, as the largest trading partner within ASEAN, saw a 20.2% increase in exports from China, driven by integrated circuits and lithium-ion batteries [7] Economic Context - The ASEAN region, with a population of 686 million and a projected GDP of 3.98 trillion USD in 2024, is positioned as the fifth-largest economy globally, enhancing its significance as a trading partner for China [6][7] - The implementation of the Regional Comprehensive Economic Partnership (RCEP) has facilitated trade by reducing barriers, further strengthening economic ties between China and ASEAN [6][7]