宏观点评：进出口数据点评（2024年8月）-出口动能回升

Export Performance - In August 2024, China's export value reached $308.65 billion, with a year-on-year growth rate of 8.7%, up 1.7 percentage points from July, exceeding market expectations of 7.0%[2] - The trade surplus expanded significantly to $91.02 billion, an increase of $23.8 billion (35.4%) year-on-year[2] - The compound annual growth rate of exports based on 2019 levels rose by 1.2 percentage points to 7.5%[2] Import Performance - In August 2024, China's import value was $217.63 billion, with a year-on-year growth rate of only 0.5%, down 6.7 percentage points from July[4] - The compound annual growth rate of imports based on 2019 levels decreased marginally by 0.1 percentage points to 3.9%[4] - Imports of major commodities and raw materials showed a weakening trend, with significant declines in metals, coal, and crude oil, while rubber and pulp imports increased[4] Market Dynamics - Export momentum is influenced by external demand, shipping costs, and trade frictions, with shipping rates declining by 7.5% from the end of July[2] - The postponement of U.S. tariffs on China and uncertainties related to the U.S. elections may motivate companies to expedite exports[2][5] - Exports to the U.S. and ASEAN decreased to growth rates of 4.9% and 9.0%, respectively, while exports to the EU and Latin America increased to 13.4% and 19.7%[3]