中国5月小额包裹出口美国同比下跌39%，但全球出口量涨了42%

Core Viewpoint - In recent months, Chinese cross-border sellers and platforms have expanded into new markets, with significant revenue increases in Europe, surpassing levels prior to the U.S. termination of the small package tax exemption policy [2] Group 1: Impact of U.S. Policy Change - In May, China's exports of low-value small packages to the U.S. fell by 39% year-on-year and 53% month-on-month, reaching 7.84 billion yuan, the lowest level since the beginning of 2023 [2] - The termination of the small package tax exemption policy by the U.S. government has led to a drastic decline in sales for platforms like SHEIN and Temu, with some sellers reporting a drop of over 50% in sales [2][3] - Following the policy change, SHEIN's sales in the U.S. decreased by 23% and Temu's by 17% in the week leading up to the termination, with Temu's weekly sales dropping by over 25% in the subsequent weeks [3] Group 2: Strategic Adjustments by Platforms - SHEIN and Temu are shifting their focus away from the U.S. market, increasing digital advertising spending in Europe, with SHEIN's ad spend in France and the UK rising by 35% and Temu's by 40% and 20% respectively [5] - A seller reported that their income from Europe has significantly increased, with earnings rising from 14,000 yuan in April to nearly 20,000 yuan in May, indicating a positive impact from the platforms' advertising efforts [5] - In May, China's small package exports globally increased by 42%, with Malaysia receiving over 5.5 billion yuan worth of goods, following the U.S. [5] Group 3: Transition to New Operational Models - Platforms are accelerating the transition to a semi-managed model, allowing sellers to find logistics companies independently for direct shipping to the U.S. [6] - Temu has introduced a "Y2 model" supporting domestic direct shipping, while SHEIN has launched a U.S. POP (self-operated) model, moving away from the previously dominant fully managed model [6] - The Y2 model allows for higher profit margins per item compared to the fully managed model, with one order under Y2 potentially equating to 5-10 orders under the previous model [6]