“一带一路”效应显现，支撑外贸走势稳中有进

Export Performance - In July 2025, China's total export value reached $321.78 billion, with a year-on-year growth of 7.2%, an increase of 1.4 percentage points from the previous month[6] - Exports to countries involved in the "Belt and Road" initiative, ASEAN, and the EU continued to rise, while exports to the US experienced negative growth[10] - High-tech products, particularly integrated circuits and automobiles, saw significant growth, with integrated circuit exports at $17.88 billion, up 29.2% year-on-year[15] Import Performance - In July 2025, China's total import value was $223.54 billion, reflecting a year-on-year increase of 4.1%[16] - Imports from "Belt and Road" countries turned positive with a growth of 1.21%, while imports from Africa and Latin America surged by 19.36% and 10.13%, respectively[16] - Traditional bulk commodity demand remains low, with cumulative import growth for iron ore, crude oil, and coal showing declines of -2.3%, 2.8%, and -13.0% respectively[17] Trade Balance - The trade surplus for July 2025 was $98.24 billion, indicating a stable trade balance despite fluctuations in exports and imports[6] - The overall trade structure is shifting, with the "Belt and Road" effect contributing to a more resilient trade performance[3] Future Outlook - The external environment is expected to remain complex, with potential risks and opportunities impacting export growth in 2025[19] - Domestic economic policies aimed at stabilizing growth are anticipated to support a gradual recovery in import growth, although challenges from high global trade barriers persist[19]