Trade Data Summary - In August 2025, China's total goods trade value reached 3.87 trillion yuan, growing by 3.5% year-on-year[11] - Exports amounted to 2.3 trillion yuan, with a growth rate of 4.8%, while imports were 1.57 trillion yuan, growing by 1.7%[11] - The trade surplus for August was 732.68 billion yuan, equivalent to 102.33 billion USD, marking a return to the billion-dollar surplus level[11][24] Export and Import Trends - Both export and import growth rates declined in August, with exports to the US continuing to decrease, while exports to the EU and ASEAN increased, maintaining over 20% growth[4][14] - Major export categories showed a decline, particularly in labor-intensive products, except for textiles, and in mechanical and electrical products, except for mobile phones[4][18] - Import growth also slowed, with significant drops in categories other than iron ore, coal, and steel, despite mechanical imports reaching the second-highest amount this year[4][20] Economic Outlook - The external pressure on trade is perceived to have eased, with ongoing negotiations between China and the US and a pause on certain tariffs expected to support trade recovery[5][27] - The government aims to stabilize foreign trade and investment, providing support to affected enterprises and promoting integrated development of domestic and foreign trade[5][27] - Risks include potential geopolitical tensions, changes in international financial conditions, and unexpected shifts in US-China policies[6][28]
2025年8月外贸数据点评:进出口回落,顺差维持高位
Shanghai Securities·2025-09-10 08:39