【宏观经济】一周要闻回顾(2025年11月5日-11月12日)

Core Viewpoint - In the first ten months of 2025, China's goods trade maintained a steady growth trend, with a total import and export value of 37.31 trillion yuan, an increase of 3.6% year-on-year, driven by exports and stable imports [5][6]. Group 1: Trade Performance - The total export value reached 22.12 trillion yuan, growing by 6.2%, while imports were 15.19 trillion yuan, remaining stable compared to the previous year [5]. - In October 2025, the total trade value was 3.7 trillion yuan, showing a slight increase of 0.1%, with exports at 2.17 trillion yuan, down by 0.8%, and imports at 1.53 trillion yuan, up by 1.4%, marking five consecutive months of growth in imports [5]. Group 2: Trade Composition - General trade and processing trade both saw growth, with general trade imports and exports at 23.64 trillion yuan (up 2.3%) and processing trade at 6.94 trillion yuan (up 6.5%) [5]. - The ASEAN region became China's largest trading partner, with trade totaling 6.18 trillion yuan (up 9.1%), followed by the EU at 4.88 trillion yuan (up 4.9%), and the US at 3.38 trillion yuan (down 15.9%) [6]. Group 3: Enterprise Contributions - Private enterprises contributed significantly, with imports and exports totaling 21.28 trillion yuan (up 7.2%), accounting for 57% of total foreign trade [7]. - Foreign-invested enterprises had a trade value of 10.91 trillion yuan (up 2.9%), while state-owned enterprises saw a decline to 5.04 trillion yuan (down 8.1%) [7]. Group 4: Export Products - Mechanical and electrical products accounted for over 60% of exports, with a total value of 13.43 trillion yuan (up 8.7%) [7]. - Notable growth was observed in integrated circuits (up 24.7% to 1.16 trillion yuan) and automobiles (up 14.3% to 798.39 billion yuan) [7]. Group 5: Import Trends - Major commodity import prices fell, with iron ore imports at 1.03 billion tons (up 0.7%) and crude oil at 471 million tons (up 3.1%), both experiencing price declines of 10.7% and 12.1% respectively [8]. - The import value of mechanical and electrical products increased to 6.05 trillion yuan (up 5.5%) [8].