进出口数据快评：出口增速继续保持韧性

Export Data Summary - In November, China's exports (in USD) increased by 6.7% year-on-year, down from 12.7% in October, and below the expected 8.7%[1] - Imports decreased by 3.9% year-on-year, compared to a decline of 2.3% in October, marking the lowest import growth in five months[1] - The trade surplus reached $97.44 billion, slightly up from $95.72 billion in the previous month[1] Export Trends - The export growth rate remains resilient despite a decline from the previous month, indicating strong external demand[2] - Since August, export growth to developed countries (USA, Eurozone, Japan) has been increasing, while exports to emerging economies have declined[2] - High-end manufacturing exports, such as ships (+63.6%), integrated circuits (+18.8%), and automobiles (+15.8%), showed strong absolute growth, but marginal declines were noted in their growth rates[9] Import Insights - The import growth rate is weak, with significant declines in most categories, reflecting ongoing challenges in domestic demand recovery[15] - Notable increases in imports were seen in copper ore (+13.1%) and integrated circuits (+10.5%), but overall import data remains sluggish[15] Future Outlook - The export structure is shifting from high-end manufacturing to raw materials and intermediate products, and from emerging markets to developed markets[17] - Continued global manufacturing recovery and stable trade policies are expected to support export growth into the first half of 2025[17]