Trade Data Overview - In January-February 2025, China's exports grew by 2.3% year-on-year, down from 10.7% in December 2024, while imports decreased by 8.4% compared to a 1.0% increase in December 2024[3] - The trade surplus reached 45.871 billion year-on-year[3] Export Performance - The export value for January-February 2025 was 369.426 billion, the lowest for the same period since 2021; month-on-month, it increased by 60.07%, but this was lower than the 76.52% increase seen in the previous year[3] - Major commodities like iron ore and copper saw significant declines in import growth due to high base effects from the previous year[3] Sector-Specific Insights - High-tech products showed a year-on-year increase of 5.4%, while machinery and agricultural products experienced declines of 7.9% and 9.1%, respectively[3] - Exports to the US, EU, and ASEAN saw notable declines, with year-on-year decreases of 13.29%, 8.16%, and 13.24% respectively; however, exports to Japan increased by 0.7%[3] Economic Implications - The weak import growth alongside relatively strong export performance suggests that the trade surplus may continue to support GDP in the first quarter[3] - The report highlights the importance of domestic demand policies to counteract the weak import performance and ensure economic stability[3]
国内观察：2025年1-2月进出口数据：关注关税政策后续对出口的影响
东海证券·2025-03-09 08:02