外贸动能加速！7月增速6.7%创年内新高，工业机器人出口强势

Core Insights - China's goods trade maintained an upward trend in the first seven months of the year, with a total import and export value of 25.7 trillion yuan, a year-on-year increase of 3.5% [1] - In July alone, the import and export value reached 3.91 trillion yuan, growing by 6.7%, marking the highest growth rate of the year [1] - The increase in imports of key raw materials such as metal ores and crude oil indicates robust domestic production activity and rising demand [1] Trade Performance - The export of mechanical and electrical products in July amounted to 1.38872 trillion yuan, up 8.8% from the previous year, while integrated circuit exports reached 128.37 billion yuan, a 30.2% increase [1] - General trade accounted for 64% of China's total foreign trade, with a total value of 16.44 trillion yuan, growing by 2.1% [1] Trade Partners - In the first seven months, trade with ASEAN reached 4.29 trillion yuan, a growth of 9.4%, making it China's largest trading partner [2] - Trade with the EU totaled 3.35 trillion yuan, increasing by 3.9%, while trade with Belt and Road countries reached 13.29 trillion yuan, up 5.5% [2] Business Entities - Private enterprises accounted for 57.1% of total imports and exports, with a total value of 14.68 trillion yuan, growing by 7.4% [3] - Foreign-invested enterprises had a total import and export value of 7.46 trillion yuan, a growth of 2.6% [3] Export Structure - The export of mechanical and electrical products reached 9.18 trillion yuan, representing 60% of total exports, with significant growth in high-tech products such as integrated circuits and electric vehicles [3][4] - Labor-intensive product exports decreased by 0.8%, indicating a shift towards high-value-added and high-tech industries [4] Future Outlook - The expansion of domestic demand is expected to drive import growth, while the strengthening of economic ties with Belt and Road countries will provide strategic depth for stabilizing external demand [5]