2025年6月贸易数据解读：6月对美出口降幅显著收窄推动整体出口增速回升，上半年外部经贸环境剧烈波动下出口韧性突出

Export Performance - In June 2025, China's exports increased by 5.8% year-on-year, a rise of 1 percentage point compared to May[3] - Exports to the US fell by 16.1% year-on-year in June, but the decline narrowed by 18.4 percentage points from the previous month, contributing approximately 2.7 percentage points to overall export growth[4] - For the first half of 2025, China's exports grew by 5.9% year-on-year, an acceleration of 2.2 percentage points compared to the same period last year[6] Import Trends - In June 2025, imports rose by 1.1% year-on-year, with a 4.5 percentage point increase from May[7] - Imports from the US decreased by 15.5% year-on-year in June, with the decline narrowing by 2.6 percentage points from the previous month[7] - Cumulatively, imports in the first half of 2025 fell by 3.9% year-on-year, a slowdown of 6.0 percentage points compared to the same period last year[10] Market Dynamics - The reduction in US tariffs following the Geneva talks in May has led to a significant recovery in exports to the US, although tariffs remain high at approximately 41.3%[4] - The "temporary suspension" of global tariffs by the US has allowed Chinese companies to continue exporting to markets outside the US, with exports to ASEAN growing by 16.8% year-on-year in June[4] - The overall trade environment remains volatile, with expectations of a decline in export growth to around 1.0% in July due to ongoing high tariffs and weakening external demand[6]