2025年11月外贸数据点评：进出口回升，顺差再回高位

Trade Data Overview - In November 2025, China's total goods trade value reached 3.9 trillion yuan, an increase of 4.1% year-on-year[10] - Exports amounted to 2.35 trillion yuan, growing by 5.7%, while imports were 1.55 trillion yuan, up by 1.7%[10] - The trade surplus for November was 792.58 billion yuan, equivalent to 111.68 billion USD, marking a significant increase from 900.74 billion yuan in October[21] Export Performance - Exports to the EU showed a notable rebound, while exports to the US experienced a slight increase in decline[14] - The export growth rate for automobiles surged to over 50%, indicating strong performance in this sector[15] - Exports to BRICS countries, excluding South Africa, generally improved, particularly with a significant reduction in the decline of exports to Russia[11] Import Dynamics - Import growth rebounded significantly, with mechanical and electrical imports showing a marked acceleration[11] - The growth rate for major imported goods, excluding steel and iron ore, declined, indicating a mixed performance in import categories[20] Economic Implications - The overall increase in imports and exports suggests resilience in foreign trade amidst external uncertainties, particularly due to improved US-China trade negotiations[26] - The political bureau's meeting emphasized the need for proactive macroeconomic policies to enhance domestic demand and optimize supply[26] Risk Factors - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[27]