国泰海通｜批零社服：7月出口增速回升，头部跨境电商仍较强

Group 1: Export Growth in July - In July, China's export growth rebounded with a rate of 7.2%, up by 1.3 percentage points month-on-month, driven by a low base from the previous year, pre-August shipping demand, and improved economic conditions in Europe along with sustained demand from Latin America and Africa [1] - Exports to the US decreased by 22%, while exports to the EU increased by 9%. Exports to ASEAN, Latin America, and Africa grew by 17%, 8%, and 42% respectively [1] - For the first seven months, total trade with Belt and Road Initiative countries reached 13.29 trillion RMB, marking a growth of 5.5% [1] Group 2: Cross-Border E-commerce Performance - In the first half of the year, China's cross-border e-commerce imports and exports totaled approximately 1.32 trillion RMB, a year-on-year increase of 5.7%, with exports at 1.03 trillion RMB (up 4.7%) and imports at 291.1 billion RMB (up 9.3%) [3] - Amazon reported a net sales figure of 40.348 billion USD from third-party seller services in Q2, reflecting an 11% year-on-year growth, significantly up from a 5% increase in Q1 [3] - Key factors for growth include steady recovery in sales for companies with high exposure to the US market, base effect driving strong Q2 performance for some firms, and favorable conditions from the T86 policy remaining in place [3] Group 3: US-China Economic Talks - Economic talks between China and the US were held in Stockholm from July 28 to 29, focusing on trade relations and macroeconomic policies [2] - Both parties acknowledged the consensus from previous meetings and agreed to extend the suspension of certain tariffs and countermeasures for an additional 90 days [2]