非美合作加强对冲对美出口回落，整体出口下行压力仍存

Export Performance - In August, China's export growth slowed to 4.4%, down 2.8 percentage points from the previous value, influenced by a high base effect[8] - Exports to the US decreased significantly by 33.12%, contributing a negative impact of 5.08% on overall export growth[11] - Exports to ASEAN increased by 22.51%, providing a positive contribution of 3.4% to overall export growth[12] Trade Partnerships - Strengthened cooperation with ASEAN, EU, and Japan partially offset the decline in exports to the US[11] - The US remains a major trade partner, with exports to the US accounting for approximately 15% of total exports[12] - The EU faces challenges due to sovereign debt pressures, limiting short-term improvements in trade relations[29] Import Trends - August imports grew by 1.3%, down 2.8 percentage points from the previous value, and below market expectations[22] - Improved import growth from Japan and South Korea contributed positively, with respective contributions of 0.64% and 0.24%[25] Market Outlook - The overall export growth is expected to face downward pressure in the second half of the year due to the decline in US demand and high base effects[26] - The global economic environment may lead to a shift in demand dynamics, impacting China's export performance[29] Risks - Potential risks include escalating geopolitical conflicts and unexpected increases in global trade frictions[30]