2025年12月外贸数据点评：中国进出口韧性收官

Export Performance - In December 2025, China's export value increased by 6.6% year-on-year, with a growth rate up by 0.7 percentage points from the previous month[1] - The trade surplus reached $114.14 billion, compared to $111.68 billion in the previous period[1] - Exports to ASEAN, India, and Russia showed significant growth, contributing a combined 2.1 percentage points to China's export increase[1] Import Performance - China's import value rose by 5.7% year-on-year, with an acceleration of 3.8 percentage points compared to the previous month[1] - The contribution of machinery and high-tech products to import growth was stable, with respective contributions of 2.0 and 2.7 percentage points[1] - The drag from raw materials and agricultural products on import growth decreased, with the impact from raw materials reducing by 0.4 percentage points[1] Regional Trade Dynamics - Exports to the US, EU, Latin America, and Africa showed a marginal decline, collectively dragging down exports by 0.9 percentage points[1] - The share of exports to the US, South Korea, and Russia decreased by 3.5, 0.3, and 0.5 percentage points respectively, while shares to ASEAN, Africa, Hong Kong, and the EU increased by 1.2, 1.0, 0.8, and 0.4 percentage points respectively[1] Product Contribution - Electromechanical and high-tech products remain the main drivers of export growth, while labor-intensive products continue to exert a drag, contributing negatively by 0.6 percentage points[1] - Key products like integrated circuits, automobiles, and ships showed strong performance, enhancing export contributions by 2.2 percentage points[1]