11月进出口数据点评：11月进出口同比双双小幅下滑

Export Performance - From January to November 2024, exports reached $32,407.1 billion, a year-on-year increase of 5.4%, up 0.3 percentage points from January to October, and 10.7 percentage points higher than the same period in 2023[2] - In November, exports totaled $3,123.1 billion, with a year-on-year growth of 6.7%, but a month-on-month decrease of 0.7 percentage points compared to October[13][14] - Exports to the United States grew by 8.0% year-on-year, a slight decrease of 0.1 percentage points from October[4] - Exports to the European Union saw a significant drop of 5.5 percentage points, resulting in a year-on-year growth of only 7.2%[5] Import Performance - Imports in November amounted to $2,148.7 billion, reflecting a year-on-year decline of 3.9%, which is a 1.6 percentage point increase in the rate of decline compared to October[20] - High-tech product imports increased by 2.4% year-on-year, but this was a decrease of 6.4 percentage points from October[23] - The import of mechanical and electrical products fell by 1.7% year-on-year, with a notable decline of 28.8% in automobile imports[20][23] Sector Analysis - High-tech product exports grew by 4.9% year-on-year from January to November, while mechanical and electrical product exports increased by 7.0%[19] - In November, the export growth rate for automobiles and ships continued to decline, with automobile exports down by 7.7% year-on-year[24] - Exports of light industrial products generally decreased in November, with luggage exports down by 3.3% and furniture exports down by 2.7%[20] Market Outlook - The export growth rate is expected to stabilize in December, influenced by the higher base from the previous year[14][24] - Risks include potential pandemic resurgence, geopolitical tensions, and unexpected economic downturns in Europe and the U.S.[25]