摩根士丹利：中国经济-出口仍逆势坚挺

July 14, 2025 09:53 AM GMT China Economics | Asia Pacific Exports Still Defying Gravity Key Takeaways Clearer evidence of tariff détente: Within the 1ppt increase in YoY growth, exports to the US contributed +2.6ppt, while exports to RoW contributed -1.6ppt. This reflects partially normalized seasonal demand ahead of H2 holiday shopping season, as well as possibly reduced need for transshipment for some products. This is affirmed by the by-product mix where consumption goods rebounded sequentially on a broa ...