2025年5月外贸数据点评：5月出口：贸易放缓的三个信号

Export Data Analysis - In May, China's export amount decreased by 4.8% year-on-year, below the expected 6.2% and previous value of 8.1%[4] - Exports to the United States saw a significant decline, with a year-on-year drop of 34.5%[5] - The combined export growth to ASEAN and Latin America was only 2.9%, a decrease of 2.4 percentage points from the previous month[5] Import Data Insights - Imports fell by 3.4% year-on-year, significantly lower than the market expectation of a 0.3% increase[7] - The decline in imports reflects ongoing challenges in domestic demand recovery, as indicated by the worsening impact on consumer prices[6] Market Dynamics - The slowdown in U.S. import demand has negatively affected China's export momentum, particularly to ASEAN and Latin America[5] - The global manufacturing new orders index dropped to 49.1%, indicating a contraction in manufacturing activity[5] Structural Changes in Exports - There is a noticeable structural differentiation in export categories, with mechanical and high-tech products experiencing a continuous slowdown in growth rates[6] - Specific categories like integrated circuits have temporarily benefited from tariff exemptions, showing resilience amidst broader declines[6]