11月出口超预期，谁的贡献

Export Performance - In November 2025, total exports reached $330.4 billion, a year-on-year increase of 5.9%, exceeding market expectations of 3.0% and reversing the previous month's decline of -1.1%[1] - Exports to the EU, Africa, and Latin America improved significantly, contributing 1.9 percentage points, 1.5 percentage points, and 1.0 percentage points to overall export growth, respectively[1] - Exports to ASEAN, China's largest trading partner, saw a marginal slowdown, with year-on-year growth decreasing by 1.9 percentage points to 8.6%, marking the first single-digit growth since February of the same year[1] Trade with the United States - Exports to the U.S. fell by 3.2% month-on-month in November, with a year-on-year decline of 28.8%, the lowest in three months, remaining within the -25% to -30% range[2] - The decline in exports to the U.S. was influenced by high base effects from last year, where exports peaked at $47.3 billion in November 2024 due to anticipatory stockpiling ahead of tariff increases[2] Product Categories - The export growth rate for electromechanical products and high-tech products improved, with electromechanical exports rising by 9.8% and high-tech products by 7.8%, both nearing the average levels seen in the first nine months of the year[3] - Labor-intensive product exports saw a reduced decline from -14.8% to -8.2%, although this remains low compared to the average decline of around 5% in August and September[3] Import Trends - Total imports in November amounted to $218.7 billion, with a year-on-year increase of 1.9%, slightly above the previous month's 1.0%[4] - Imports of electromechanical and high-tech products improved, contributing 5.5 percentage points to overall import growth, while bulk commodity imports turned negative, declining by 1.0% year-on-year[5] Regional Economic Performance - Neighboring economies also showed strong export performance, with South Korea's exports rising by 8.4% year-on-year in November, up from 3.6% in October[6] - Vietnam's exports experienced a slight slowdown to 15.8% year-on-year but maintained double-digit growth[6] Future Outlook - Despite high base effects, November's export performance is expected to support a rebound in industrial value-added growth year-on-year[7] - The resilience of exports is anticipated to continue, bolstered by competitive pricing of manufactured goods, although fluctuations may occur in the coming months due to previous stockpiling effects[7]