蔡含篇：外部环境大变局下，贸易国别结构变化显著

Export Performance - In May 2025, China's total exports reached $316.1 billion, with a year-on-year growth of 4.8%, a decrease of 3.3 percentage points from the previous month[10] - Exports to the United States fell significantly, with a year-on-year decline of 30.7%, widening the drop by 11.5 percentage points compared to April[10] - High-tech products, including integrated circuits and automobiles, saw notable growth, with integrated circuit exports increasing by 33.4% year-on-year[22] Import Trends - In May 2025, China's total imports amounted to $212.9 billion, reflecting a year-on-year decline of 3.4%, with the drop expanding by 3.2 percentage points from the previous month[23] - Imports from the United States decreased by 18.13%, while imports from the European Union saw a slight decline of 0.05%[23] - The demand for traditional bulk commodities continues to decrease, with iron ore and coal imports dropping by 5.2% and 9.5% respectively[23] Trade Balance - The trade surplus for May 2025 was $103.2 billion, indicating a continued positive balance despite the challenges in export and import dynamics[10] - The overall trade volume in May 2025 was $528.98 billion, showing a year-on-year growth of 1.3%[10] Future Outlook - The external environment is expected to remain complex, with potential risks and opportunities for export growth in 2025, influenced by geopolitical factors and trade policies[26] - Domestic economic policies aimed at stabilizing growth are anticipated to gradually improve import growth, although challenges in the real estate market may continue to suppress demand for bulk commodities[26]