高盛：中国贸易2025 年第一季度：美国宣布对等关税前，出口量增长依然强劲

4 May 2025 | 9:56PM HKT China: Trade Dashboard 2025Q1: Export volume growth remained strong ahead of the US "reciprocal" tariffs announcement (Yang) 1 These are based on BOP definitions; the goods trade surplus would be 4.8% of GDP in 2025 (vs. 5.2% in 2024) based on the Customs definition. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge ...