2024年1至2月进出口数据点评：进出口规模创新高，外贸开局良好

Trade Performance - In the first two months of 2024, China's exports increased by 7.1% year-on-year, while imports rose by 3.5%, leading to a trade surplus of $125.16 billion, a 20.5% increase compared to the same period last year[2] - The total value of goods traded reached $930.86 billion, marking a 5.5% increase year-on-year and setting a record for the same period[2] Export Drivers - Among various product categories, electromechanical products significantly contributed to export growth, accounting for nearly 60% of total exports, with a year-on-year increase of 3.63%[2] - Key products such as automatic data processing equipment, integrated circuits, and automobiles saw substantial growth, with exports of automatic data processing equipment increasing by 7.3% to ¥195.45 billion, integrated circuits by 28.6% to ¥160.71 billion, and automobiles by 15.8% to ¥111.89 billion[2] Trade Partners - ASEAN remained China's largest trading partner, accounting for 15.7% of total exports, followed by the EU at 14.8% and the US at 13.9%, together representing 44.4% of China's exports[2] - Exports to Latin America, Hong Kong, India, and Africa also showed positive growth, indicating a broadening of trade relationships[2] Import Trends - The increase in imports was primarily driven by volume improvements, with 14 out of 27 major categories showing year-on-year growth in import volumes[2] - However, the growth rate of imports was less robust compared to exports, indicating ongoing challenges in domestic demand[2] Economic Outlook - Despite a strong start to 2024, uncertainties remain regarding global supply chain dynamics and geopolitical tensions, which could impact export stability throughout the year[7] - Domestic economic indicators, such as CPI and PPI, continue to show weakness, with CPI at -0.8% and PPI at -2.5% in January 2023, highlighting the need for effective demand stimulation policies[8]