8月外贸数据点评：多元市场支撑外贸韧性

Export Data - In August, China's export amount reached $321.81 billion, a year-on-year increase of 4.4%, down from 7.2% in July[1] - Cumulative exports from January to August maintained a year-on-year growth of 5.9%, indicating sustained resilience in foreign trade[1] - The trade surplus in August was $102.33 billion, a year-on-year increase of 11.8%[1] Import Data - China's import amount in August was $219.48 billion, with a year-on-year growth of 1.3%, down from 4.1% in July[2] - The month-on-month import value decreased by 1.8%, which is below the average seasonal growth of 3.5% from 2021 to 2024[2] - The quantity index for imported goods showed a year-on-year increase of 6.6%, while the price index decreased by 1.7%[3] Market Dynamics - The recovery in exports is supported by improvements in international manufacturing, with the Eurozone manufacturing PMI rising into the expansion zone[2] - The U.S. court ruling on tariffs may lead to adjustments in trade policies, impacting manufacturing activities and global demand[2] - The trend of decreasing export shares to the U.S., Japan, and South Korea continues, while shares to Central Asia and ASEAN are increasing, indicating a diversification of markets[2] Trade Environment - The extended "truce" period in U.S.-China tariffs provides a relatively stable trade environment for China in the short term[3] - Cumulative trade surplus for the first eight months reached $785.8 billion, reflecting a year-on-year increase of 28.3%[3] - Continued cooperation with non-U.S. trading partners, especially in the Global South and Belt and Road countries, is expected to enhance China's foreign trade resilience[3]