总量专题报告：中国对东盟的出口是转口贸易吗？

Export Performance - China's export growth rebounded to 8.7% in August 2023, the highest since March 2023, with a cumulative year-to-date growth of 4.6%[4] - The actual export volume, adjusted for price factors, has significantly outperformed the pre-pandemic growth trend[4] ASEAN Trade Dynamics - ASEAN has become China's largest export destination, accounting for 16.7% of total exports as of August 2023, up 4.4 percentage points from 2017[5] - China's export growth to ASEAN reached 4.8% in August 2023, outperforming exports to the EU (-3.7%) and the US (-1.0%)[7] US Trade Shifts - The US reliance on imports from China has declined to below 14% as of July 2023, down by approximately 8 percentage points from its peak[8] - The US reliance on imports from ASEAN has risen to over 10%, an increase of more than 3 percentage points since 2018[8] Product Diversification - China's top export products to the US in 2023 were telephones and automatic data processing machines, with low-value clearance goods rising to third place, accounting for a 3.4 percentage point increase compared to 2017[12] - China's top export products to ASEAN in 2023 were integrated circuits, telephones, and petroleum products, with telephone exports decreasing by 2.7 percentage points compared to 2017[13]