1-2月进出口数据解读：出口增长趋缓，进口同比转负

Export Data - In the first two months of 2025, China's exports amounted to $539.94 billion, with a year-on-year growth rate of 2.3$170.51 billion, compared to $202.15 billion in November-December of the previous year[5] Import Data - Imports totaled$369.43 billion, with a year-on-year growth rate of -8.4%, down from 1% previously, and the past decade's CAGR for imports is 5.5%[5][7] - The decline in import growth is primarily due to weak domestic industrial demand during the traditional off-season[7] Factors Affecting Exports - High base effect from the previous year is dragging down export growth, as last year's cumulative growth rate in February was 7.1%[6] - Tariff policies under the Trump administration have led to a "rush to export" effect, with a 10% tariff imposed on Chinese goods, raising the average tariff rate to approximately 40%[4][28] - Global manufacturing PMI rose to 50.6 in February, indicating improved external demand, with major economies showing a PMI average of 51.1[6] Regional Export Performance - Exports to the U.S. grew by 2.3%, significantly down from 15.6% previously, while exports to the EU fell to 0.6% from 8.8%[12] - Exports to ASEAN decreased to 5.7% from 18.9%, but countries like Vietnam showed a robust export growth of 25.3%[13] Product-Specific Trends - High-tech product exports saw a slight recovery, with integrated circuits growing by 11% and mobile phone exports improving to -3.6%[20] - Labor-intensive product exports experienced declines across all major categories, with luggage down by 20.9% and footwear down by 18.8%[21]