1~5月进出口数据点评：“扩内需”的紧迫性仍然较高

Export Performance - In the first five months of 2025, China's exports grew by 6.0% year-on-year, with a trade surplus of $471.89 billion[2] - In May 2025, exports increased by 4.8% year-on-year, but the growth rate decreased by 3.3 percentage points compared to the previous month[2] - Exports to ASEAN and EU supported the growth, contributing 2.5 and 1.8 percentage points to the year-on-year growth in May, respectively[3] Import Trends - Imports in the first five months of 2025 decreased by 4.9% year-on-year, with a narrowing decline of 0.3 percentage points compared to the previous period[2] - In May 2025, imports fell by 3.4% year-on-year, with the decline rate expanding by 3.2 percentage points from the previous month[3] - The trade surplus for May 2025 was $103.22 billion, an increase of $7.04 billion from the previous month[2] Sector Insights - Mechanical and electrical products maintained export advantages, with integrated circuits and general machinery growing by 17.5% and 8.2% year-on-year, respectively[5] - Despite a decline in overall export growth, there is potential for recovery in exports following the Geneva trade talks, which eased some tariff pressures[5] - The urgency for domestic demand expansion remains high due to weak industrial demand and price stagnation affecting corporate profitability[4]