国内观察：2024年11月进出口数据-出口增速回落但仍有韧性，扩内需亟需政策加码

Export Data - In November 2024, exports amounted to $312.3 billion, the highest since September 2022, but the year-on-year growth rate fell to 6.7% from 12.7% in October[1][2] - Imports in November 2024 decreased by 3.9% year-on-year, with an absolute value of $214.87 billion, indicating a weak domestic demand[1][4] - The trade surplus expanded to $97.443 billion in November, compared to the previous value[1] External Demand and Trade Relations - External demand remains uncertain, with the global manufacturing PMI at 50.0, while the US ISM manufacturing PMI is at 48.4, indicating contraction[3] - Exports to the EU saw a significant decline, with growth dropping by 5.49 percentage points to 7.23% due to low economic sentiment and tariff impacts[3][4] - Exports to the US, ASEAN, and Japan also experienced slight declines, with year-on-year growth rates of 8.0%, 14.9%, and 6.35% respectively[3] Product-Specific Trends - Key products like steel, automotive parts, and medical instruments showed significant declines in export growth, likely influenced by recent tariff implementations[4] - Technical products such as automatic data processing equipment and LCD panels saw slight growth, contrasting with the overall trend[4] Policy Implications - The report emphasizes the need for policy measures to boost domestic demand, as current levels remain weak despite some positive signals in manufacturing PMI[4][5] - The upcoming political meetings are expected to focus on expanding domestic demand and implementing counter-cyclical adjustments[2]