为何关税战无法击垮中国出口

Core Viewpoint - Despite the ongoing trade war, China's exports remain resilient, with a total export value of $2.5 trillion in the first eight months of the year, reflecting a year-on-year growth of 5.9% [1] Export Performance - In August, China's exports grew by 4.4% year-on-year, although this was a slowdown from July due to a high base effect caused by the previous year's typhoon [1] - Exports to emerging markets, particularly ASEAN, Africa, and Latin America, have shown strong growth, offsetting the decline in exports to the U.S. [1] - From January to August, China's exports to Africa, ASEAN, and Latin America increased by 24.7%, 14.6%, and 5.8% respectively, while exports to the U.S. decreased by 15.5% [1] Product Analysis - In August, the export of electromechanical products continued to show strong growth, with integrated circuits and LCD panel display modules performing particularly well [2] Market Diversification - The impact of U.S. tariffs is prompting Chinese companies to accelerate market diversification and overseas expansion [3] - Chinese enterprises are increasingly investing in Southeast Asia, the Middle East, Eastern Europe, and Africa, reducing reliance on the U.S. market [3] - The share of exports to countries involved in the Belt and Road Initiative is expected to increase significantly from 2017 to 2024 [3] Competitive Advantages - China's competitive edge in exports is attributed to three main factors: low electricity costs, industrial clustering, and a skilled workforce [4] - Despite high tariffs, Chinese products remain competitively priced compared to imports from other countries, with some U.S. import prices being 100% higher than China's [4] - By 2024, China is projected to maintain its position as the global leader in exports across nearly all industries, with significant growth in household appliances, machinery, textiles, and automotive parts [4] Electronics Sector Growth - The global demand for AI is driving rapid growth in downstream sectors such as consumer electronics, IoT, industrial connectivity, and automotive electronics, significantly boosting China's electronic product exports [5] - From January to August, integrated circuit exports increased by 22.1% year-on-year, surpassing the expected growth rate for 2024 [5] - The importance of exports to China's economy is underscored by the stabilization of the economic fundamentals and the recovery of market sentiment [5]