宏观数据观察：9月国出口增速回落且不及预期

Trade Overview - In September 2024, China's total import and export volume reached $525.714 billion, a year-on-year increase of 1.7%, down from the previous value of 5.2% and a decline of 3.7%[1] - Exports amounted to $303.712 billion, up 2.4% year-on-year, but below the expected increase of 6% and the previous increase of 8.7%, reflecting a decline of 6.3%[2] - Imports totaled $222 billion, with a year-on-year increase of 0.3%, falling short of the expected 0.9% and the previous increase of 0.5%, showing a decline of 0.2%[3] Trade Surplus and Key Partners - The trade surplus was $81.71 billion, lower than the expected $89.8 billion and the previous $91.02 billion, but still up 8.8% year-on-year[4] - ASEAN was the largest trading partner, with a trade volume of $83.2 billion, a year-on-year increase of 4.92%[2] - The second-largest partner was the EU, with a trade volume of $65.1 billion, showing a slight decline of 0.43% year-on-year[2] Export and Import Dynamics - The main export products included electromechanical products, accounting for 60.7% of total exports, with a year-on-year growth of 3%[3] - Imports of electromechanical products also increased by 5.05%, making up 40.61% of total imports[4] - The largest trade surplus was in automobiles, amounting to $8.34 billion, while the largest trade deficit was in crude oil, at $25.7 billion[5]