2025年5月贸易数据点评：进、出口增速均回落，对欧、非出口是亮点

Trade Data Summary - In May 2025, China's total goods trade (imports and exports) increased by 1.3% year-on-year, a decline of 3.3 percentage points from April[2] - Exports grew by 4.8% year-on-year, while imports fell by 3.4%, marking a significant drop of 3.2 percentage points[2] - The trade surplus reached $103.22 billion, an increase of $21.85 billion compared to the same period last year[2] Export and Import Trends - ASEAN remained China's largest trading partner, with trade totaling $420.47 billion, up 7.8% year-on-year, accounting for 16.8% of total trade[2] - Trade with the US decreased by 9.1% year-on-year, totaling $239.71 billion, while trade with the EU increased by 1.7%[2] - In May, exports to the US fell sharply by 34.5%, a decline of 13.5 percentage points from April, while exports to the EU rose by 12.0%[2] Sector-Specific Insights - Exports of integrated circuits, automobiles, and ships saw significant growth, with increases of 33.4%, 13.7%, and 43.7% respectively[3] - Conversely, exports of refined oil, rare earths, and mobile phones declined by over 10%[3] - Import growth for agricultural products like grains and soybeans showed a positive trend, with grain imports up 4% in May[4]