2025年8月贸易点评：8月进出口：减速后动能几何？

Export Performance - In August, China's export growth rate (in USD) was 4.4%, a decrease of 2.8 percentage points from the previous month[3] - Exports to ASEAN increased by 22.5%, marking the highest level this year, indicating strong supply chain advantages[4] - Exports to the EU rose to 10.4%, while exports to Africa and India also showed positive growth rates of 25.9% and 9.1% respectively[4][18] Import Trends - August's import growth rate was 1.3%, also down by 2.8 percentage points from the previous month, reflecting weak domestic demand[3] - Key imports such as iron ore, steel, and refined oil saw significant declines, with refined oil down by 27.9% and coal down by 35.9%[7] - The import of high-tech products like integrated circuits and machine tools remained strong, but general trade imports turned negative, indicating a need for further recovery in domestic demand[7][23] Economic Implications - The trade surplus is expected to continue supporting GDP growth amid weak import performance and new export momentum[3] - The overall economic growth momentum in the second half of the year remains uncertain, with the need for further stimulation of domestic demand highlighted[3][8]