2025年4月贸易数据点评：“抢转口”支撑出口韧性

Trade Data Overview - In April 2025, China's total goods trade (imports and exports) increased by 4.6% year-on-year, with exports growing by 8.1% and imports declining by 0.2%[3] - The trade surplus reached $96.18 billion, expanding by $24.19 billion compared to the same period last year[3] Export Dynamics - Export growth slowed significantly, particularly to the U.S., where exports fell by 21% in April compared to a 9.1% increase in March[3] - Exports to ASEAN countries surged, with a growth rate of 20.8%, up 9.3 percentage points from March[3] Import Trends - Imports from ASEAN, EU, and the U.S. saw declines of 7.3%, 8.9%, and 4.4% respectively, while imports from Japan and South Korea increased by 2.5% and 7.3%[3] - The overall import growth is expected to be supported by domestic demand policies despite the slowdown in exports[3] Sector-Specific Insights - Labor-intensive products, mobile phones, and home appliances experienced significant export declines, with mobile phone exports dropping by 21.4%[4] - Conversely, integrated circuits and ship exports saw substantial increases, with growth rates of 20.2% and 36.1% respectively[4] Agricultural Imports - Agricultural imports showed mixed trends, with grain imports down by 41.2% and soybean imports down by 28.2% in the first four months of 2025[5] - The increase in tariffs on U.S. goods is expected to impact agricultural imports, but diversification strategies have reduced reliance on U.S. soybeans[5] Future Outlook - The ongoing trade discussions between Chinese and U.S. officials may lead to marginal adjustments in tariff policies, potentially affecting future trade dynamics[3] - The overall trade environment remains sensitive to external factors, including global manufacturing PMI trends, which stood at 49.1% in April, indicating contraction[3]