外贸半年报出炉：“对等关税”影响下，二季度为何增长更快？

Core Insights - China's foreign trade achieved a record high of 21.79 trillion yuan in the first half of the year, marking a year-on-year growth of 2.9% [1] - Exports reached 13 trillion yuan, growing by 7.2%, while imports totaled 8.79 trillion yuan, declining by 2.7% [1][2] Group 1: Trade Performance - The import and export scale stabilized above 20 trillion yuan, with a historical high for the same period [1] - In Q2, the year-on-year growth of imports and exports accelerated to 4.5%, a 3.2 percentage point increase from Q1 [1][5] - All three indicators of trade—total trade, exports, and imports—showed positive growth in June, indicating a more robust trend [1] Group 2: Export Dynamics - Exports surpassed 13 trillion yuan for the first time in history, with significant contributions from private, foreign, and state-owned enterprises [2] - High-tech product exports grew by 9.2%, maintaining a nine-month growth streak, with self-owned brands accounting for 32.4% of exports [2][5] - Emerging markets such as ASEAN, Central Asia, and Africa saw double-digit growth in exports, with specific products like machine tools and agricultural machinery driving this growth [2] Group 3: Import Trends - Imports totaled 8.79 trillion yuan, with a decline attributed to falling international commodity prices, particularly for crude oil, soybeans, and iron ore [3] - Despite the overall decline, Q2 saw a return to positive growth in imports, driven by increased domestic demand and a recovery in manufacturing [3][5] - The manufacturing PMI's recovery contributed to higher imports of high-end machine tools and electronic components [3] Group 4: U.S.-China Trade Relations - Trade with the U.S. decreased by 9.3% to 2.08 trillion yuan, with exports down by 9.9% and imports down by 7.7% due to "reciprocal tariffs" [4] - In June, trade values showed signs of recovery, with a notable increase from May, indicating a narrowing of the year-on-year decline [4] Group 5: Innovation and Market Expansion - China's foreign trade is becoming more diversified, with trade with Belt and Road Initiative countries growing by 4.7% [5] - The share of high-tech products in exports is increasing, reflecting China's role in global green transformation [5] - The export of industrial robots surged by 61.5%, highlighting the innovation in China's robotics industry [5]