进出口点评报告：高基数效应，出口额增速下降

Export Performance - In November 2024, China's total export value reached $312.31 billion, with a year-on-year growth of 6.7$214.87 billion, showing a year-on-year decline of 3.9%, a drop of 1.6 percentage points from the previous month[13] - The decrease in imports was attributed to ongoing domestic economic adjustments and reduced demand for traditional bulk commodities like iron ore[13] - Year-on-year import growth rates from major trading partners were -11.22% from the US, -6.55% from the EU, -2.49% from Japan, and -3.04% from ASEAN[13] Trade Balance - The trade surplus for November 2024 was $97.44 billion, indicating an expansion despite the decline in both export and import growth rates[6] - The overall trade balance reflects a complex interplay of external demand and domestic economic conditions[6] Future Outlook - The report anticipates that global economic recovery in 2024 may stabilize export growth, supported by low base effects and improving external demand[16] - Domestic policies aimed at stabilizing foreign trade and optimizing export structures are expected to bolster future export performance[16] - Import growth is projected to gradually improve due to domestic economic recovery, although challenges from the real estate market and global trade barriers may persist[17]