外贸数据点评：出口持续保持韧劲

Export Data Summary - In November, China's exports increased by 6.7% year-on-year to $312.31 billion, while imports decreased by 3.9% to $214.87 billion, resulting in a trade surplus of $97.44 billion[1][11]. - Exports to the United States amounted to $47.31 billion, growing by 8% year-on-year, but the growth rate fell by 0.1 percentage points compared to October[2][18]. - Exports to the European Union rose by 7.2%, with a decline in growth rate of 5.5 percentage points from October[2][18]. - Exports to ASEAN countries totaled $53.7 billion, marking a 14.9% increase, although the growth rate decreased by 0.9 percentage points from October[2][18]. Contribution to Export Growth - The contribution to export growth from Japan and ASEAN remained stable at 0.3 and 2.4 percentage points, respectively, while the contribution from the U.S. decreased to 1.2 percentage points, down by 0.1 percentage points from October[2][21]. - The contribution from the EU dropped to 0.9 percentage points, a decrease of 0.9 percentage points compared to October[2][21]. Industry Performance - Mechanical and electrical products accounted for $187.77 billion in exports, growing by 7.9% year-on-year, contributing 4.7 percentage points to overall export growth[3][27]. - High-tech products exported amounted to $81.79 billion, with a year-on-year growth of 6.4%, contributing 1.7 percentage points to export growth[3][27]. - Resource-based industries saw a decline in contribution to export growth, with total exports of $12.57 billion, contributing only 0.04 percentage points, down by 0.2 percentage points from October[3][27]. Specific Product Insights - Exports of LCD panel modules increased by 11%, contributing 0.1 percentage points to export growth, while automatic data processing equipment and parts grew by 16%, contributing 0.9 percentage points[4][28]. - Textile yarns and fabrics saw a 9% increase in exports, contributing 0.4 percentage points to November's export growth[4][28]. - Rare earth exports fell by 35% year-on-year, significantly dragging down overall export growth due to last year's high base[4][28]. Risk Factors - Potential risks include unexpected geopolitical tensions, macroeconomic downturns, and significant fluctuations in overseas markets[5][37].