2025年8月贸易数据解读：对美出口下滑幅度扩大，8月出口增速下行

Export Performance - In August 2025, China's export value increased by 4.4% year-on-year, a decline of 2.8 percentage points compared to July[2] - Exports to the United States fell by 33.1% year-on-year, with the decline widening by 11.4 percentage points from the previous month[3] - The drop in exports to the U.S. reduced overall export growth by 5.1 percentage points, an increase of 1.8 percentage points from July[3] Trade Diversification - Exports to the EU, Japan, ASEAN, and Belt and Road economies showed accelerated growth, with ASEAN exports rising by 22.5%, up 5.9 percentage points from July[4] - Cumulative exports to Belt and Road economies increased by 10.7% year-on-year from January to August, indicating a diversification in trade[4] Import Trends - In August, imports grew by 1.3% year-on-year, a slowdown of 2.8 percentage points from July, primarily due to declining export growth affecting import momentum[6] - Major imports like crude oil saw a decline of 15.1%, with import volume growth slowing to 0.8%[7] Future Outlook - Export growth is expected to decline further to around 2.0% in September, with significant risks due to high tariffs on U.S. exports[5] - Imports may enter negative growth territory in September, with a projected decline of approximately -1.0%[9]