周度经济观察：出口抢运弱化，物价压力趋增-20250610

Export and Trade - In May, exports decreased by 4.8% year-on-year, a decline of 3.3 percentage points from April, indicating weakened trade momentum[4] - Exports to the US fell sharply from -21.0% in April to -34.5% in May, while exports to ASEAN and India also declined significantly[5] - Exports to the EU increased from 8.3% in April to 12.0% in May, suggesting a growing reliance on the European market amid tariff impacts[5] Inflation and Price Pressure - The Producer Price Index (PPI) in May showed a year-on-year decline of 3.3%, continuing a downward trend[8] - Consumer Price Index (CPI) remained flat at -0.1% year-on-year in May, indicating persistent weak demand and price pressures[11] - Industrial product prices are experiencing deeper declines due to insufficient terminal demand and strong manufacturing supply[14] Economic Outlook - The overall economic growth rate may experience a slight slowdown in Q2, influenced by diminishing export momentum and increasing price pressures[14] - The risk appetite in the equity market is rising, supported by potential tariff reductions in US-China negotiations and stable domestic economic performance[17] - The central bank's recent actions, including a 1 trillion yuan reverse repo operation, reflect a strong intention to stabilize liquidity in the financial system[18]