2025年3月外贸数据点评：3月出口仍获支撑，顺差维持千亿

Export Performance - In March 2025, China's total goods trade value reached 3.77 trillion RMB, a year-on-year increase of 6%[11] - Exports amounted to 2.25 trillion RMB, growing by 13.5% compared to the previous year[11] - Trade surplus for March was 736.72 billion RMB, maintaining a surplus of over 100 billion USD[11] Import Trends - Imports totaled 1.51 trillion RMB, a decline of 3.5% year-on-year[11] - Major imported goods, except for soybeans, coal, and steel, showed an increase in growth rates compared to January-February[12] - The decline in soybean imports was notably impacted by US-China tariffs[12] Trade Relations - Exports to major economies such as the EU, the US, and Japan showed a rebound, particularly to the US despite recent tariff increases[12] - ASEAN exports also increased, indicating a broad recovery in trade relationships[12] - The BRICS nations collectively exhibited accelerated trade growth[12] Economic Outlook - The strong export performance is attributed to China's manufacturing dominance in the global economy[5] - Domestic policies are expected to focus on boosting consumption and investment to counter external uncertainties[5] - The implementation of proactive macroeconomic policies aims to expand domestic demand and support economic recovery[5] Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[6]