下滑到7年前水平！对美出口连续大跌，中国出口总额却创新高

Core Insights - China's foreign trade showed unexpected resilience in the face of U.S. tariffs, with total trade value reaching 37.31 trillion yuan, a 3.6% year-on-year increase [1][2] - Exports to the U.S. declined significantly, dropping 17.1% year-on-year, while exports to the EU and ASEAN countries saw substantial growth [10][19][28] - The overall export growth was supported by diversification into new markets and an increase in high-tech product exports [9][41] Trade Performance - Total trade value for the first ten months of 2025 was 37.31 trillion yuan, with exports at 22.12 trillion yuan (up 6.2%) and imports at 15.19 trillion yuan (essentially flat) [1][2] - Exports to the U.S. fell to 2.52 trillion yuan, a decrease of 17.1%, while exports to the EU rose to 3.30 trillion yuan, an increase of 8.4% [10][19] - Exports to ASEAN countries reached 38.79 trillion yuan, marking a 15.3% increase, surpassing U.S. exports for the first time [28] Monthly Trends - Despite a 0.8% year-on-year decline in October exports, the overall trend for the year showed a V-shaped recovery with significant monthly growth [3][6] - Monthly exports exceeded 2.3 trillion yuan from June to September, with September alone seeing an 8.4% increase [3][6] Market Diversification - The decline in U.S. exports has been offset by increased exports to emerging markets, particularly in Southeast Asia and Africa [9][34] - Exports to Africa surged by 27.2%, with a notable increase in demand for industrial machinery and telecommunications products [34][40] Product Structure - The export structure is evolving, with high-end manufacturing products like industrial robots and new energy vehicles driving growth [41][46] - Exports of mechanical and electrical products accounted for over 60% of total exports, with integrated circuits and automotive exports showing significant increases [46]