——1-2月进出口数据点评：中游出口强劲的五大逻辑

Export Performance - In January-February, China's dollar-denominated exports increased by 21.8% year-on-year, significantly exceeding Bloomberg's expectation of 7.2% and up from 6.6% in December[1] - The average export value in January-February compared to December decreased by 8.2%, marking the highest historical decline for the same period in 20 years[3] - The growth in exports was primarily driven by the strong performance of midstream manufacturing, with machinery and electrical products seeing a 27.1% increase, contributing 16.3 percentage points to total exports[3] Key Growth Drivers - Enterprises are actively expanding exports to non-traditional markets, with exports to these markets growing by 25.5%, outpacing traditional markets by 5.9 percentage points[4] - European credit expansion has led to a manufacturing recovery, resulting in a 27.8% increase in exports to Europe, contributing 4.1 percentage points to overall export growth[5] - Increased investment in AI and electricity in the U.S. has benefited exports of electronic and electrical equipment, with integrated circuit exports surging by 72.6%[6] Import Trends - Imports also exceeded expectations, with a year-on-year increase of 19.8%, far above the consensus forecast of 7% and up from 5.7% in December[1] - The average import value in January-February decreased by 9.1% compared to December, which is better than the historical average decline of 16.5%[67] - The electronic supply chain contributed to a significant 8.6% increase in imports, compared to 3.3% in December[73]