5月对美出口降幅扩大，整体出口保持较强韧性

Export Performance - In May 2025, China's export value increased by 4.8% year-on-year, a decrease of 3.3 percentage points compared to April[1] - Exports to the U.S. fell by 34.5% year-on-year, with the decline expanding by 13.5 percentage points from the previous month, significantly dragging down overall export growth[1][3] - The high base effect from the previous year, where exports grew by 7.4% in May 2024, also contributed to the slowdown in May 2025[4] Import Trends - In May 2025, China's import value decreased by 3.4% year-on-year, with the decline widening by 3.2 percentage points from April[6] - Imports from the U.S. saw a year-on-year decline of 18.1%, with the drop expanding by 4.3 percentage points compared to the previous month, directly impacting overall import growth by 1.1 percentage points[6] - The decline in import demand was also influenced by the overall slowdown in exports and the negative impact of the trade war on domestic investment and consumer confidence[5][6] Market Dynamics - The "export rush" effect towards the U.S. is expected to continue in June, potentially maintaining positive year-on-year growth in exports, although the growth rate may drop to around 1.0%[5] - The ongoing high tariff levels from the U.S. and the established trend of external demand slowing down suggest that export growth may face downward pressure in the second half of the year[5] - The diversification of export markets has shown progress, with exports to ASEAN growing by 14.8% and to the EU by 12.0% in May, indicating resilience amid external challenges[4]