外贸数据追踪20260310：出口：两个大分化将现

Export Growth - China's exports in January-February 2026 increased by 21.8% year-on-year, significantly higher than the previous value of 6.6%[10] - Imports also grew by 5.7%, consistent with the previous value of 5.7%[10] - The total trade surplus for January-February reached $213.62 billion, with a rebound in trade surplus growth[10] Regional Analysis - Exports to the U.S. saw a recovery with a growth rate of -11.0%, up from -30.0%[18] - Exports to ASEAN increased by 29.4%, compared to the previous 11.1%[18] - Exports to Latin America rose by 16.4%, up from 9.8%[18] Product Structure - Consumer goods exports, excluding consumer electronics, showed significant recovery, while electromechanical exports remained strong[25] - The export of capital goods continues to be robust, indicating a stable demand in this sector[25] Future Outlook - The report highlights two major divergences in exports: quantity-price divergence and divergence between RMB and USD denominated exports[28] - The short-term forecast indicates a significant drop in March's dollar-denominated export growth due to high base effects, with the extent of the decline being a key point of discussion[30]