10月外贸数据解读：出口下行会持续吗？

Export Performance - In October, China's export year-on-year growth recorded -1.1%, a decrease of 9.4 percentage points from the previous month, indicating a slowdown in export momentum[4] - Exports to the US showed resilience, while significant declines were observed in exports to the EU, Latin America, and Africa[4] - The automotive sector benefited from a low base, with exports increasing by over 20 percentage points, while electronics and labor-intensive products saw declines[12] Import Trends - China's import year-on-year growth in October was 1%, down 6.4 percentage points from the previous month, reflecting a slowdown in production and domestic demand[16] - Imports from major trading partners, particularly Japan and South Korea, experienced the most significant declines, with Japan at 2.8%[16] - Only agricultural products saw an increase in imports, with soybeans rising by 11.5%[17] Economic Outlook - The fourth quarter is expected to see a stable but declining export center, influenced by a higher base and a weakening US economy[5] - The easing of US-China trade tensions and potential tariff reductions may provide marginal benefits to exports[5] - Risks include domestic economic recovery falling short of expectations and unexpected declines in demand from developed countries[22][24]