进出口数据点评：外贸出现修复

Export Data Overview - In October, China's exports increased by 12.7% year-on-year to $309.06 billion, reaching a new high in recent years[11] - Imports decreased by 2.3% year-on-year to $213.34 billion, resulting in a trade surplus of $95.73 billion, the third highest in history[2] Major Trade Partners - Exports to the EU and ASEAN grew significantly, with year-on-year increases of 12.7% and 15.8%, respectively, both improving by over 10 percentage points from the previous month[3] - Exports to Japan rose by 6.8%, a substantial recovery from a 7% decline in the previous month[3] - Exports to the US increased by 8.1%, accelerating by 5.9 percentage points compared to September[3] Contribution to Export Growth - ASEAN contributed 2.4 percentage points to export growth, up 1.6 percentage points from September[3] - The US contributed 1.3 percentage points, recovering by 1 percentage point from the previous month[3] - The EU's contribution was 1.8 percentage points, showing a notable rebound[3] Industry Performance - Mechanical and electrical products remain the most significant export category, contributing 8.3 percentage points to overall export growth[4] - Labor-intensive industries shifted from a drag to a contribution of 0.9 percentage points, marking a significant improvement[4] - Agricultural products contributed 0.3 percentage points, the highest this year[4] Specific Product Performance - Home appliance exports grew by 23%, contributing 0.6 percentage points to export growth[4] - General machinery exports increased by 30%, adding 0.4 percentage points to the total[4] - Textile exports rose by 16%, contributing 0.6 percentage points, while steel and aluminum exports grew by 24% and 31%, contributing 0.6 and 0.2 percentage points, respectively[4] Risk Factors - Geopolitical risks may exceed expectations, macroeconomic conditions may underperform, and overseas market volatility could pose challenges[5]