11月出口超预期反弹，同比增幅较上月回升7个百分点

Core Viewpoint - Despite global demand contraction due to tariffs and economic fluctuations, China's foreign trade demonstrates resilience, supported by a robust supply chain and innovative responses [3]. Trade Performance - In November, China's exports increased by 5.9% year-on-year, rebounding by 7 percentage points compared to a 1.1% decline in the previous month, indicating a strong peak season [4]. - The overall trade performance showed a year-on-year increase in imports and exports of 4.3% and 1.9%, respectively, with month-on-month growth of 5.5% in total exports [3][4]. Factors Influencing Export Growth - The rebound in November's export growth is attributed to a lower base from the previous year, a global trade recovery, and significant increases in chip and automobile exports, which grew by 34.2% and 53.0% year-on-year, respectively [5][6]. - The increase in exports of high-tech products helped offset declines in traditional labor-intensive goods like bags and toys [6]. Export Trends by Region - Exports to the U.S. saw a year-on-year decline of 28.6%, widening from a 25.2% drop the previous month, while exports to the EU and Belt and Road economies surged, with EU exports increasing by approximately 14.8% [7][10]. - The diversification of export markets is evident, with non-U.S. exports showing a significant year-on-year growth of 12.1% [9]. Future Outlook - The overall resilience of China's exports is bolstered by the flexibility of private enterprises and the ongoing transformation of the manufacturing sector, with expectations of continued strong performance in chip and automobile exports [12]. - However, potential challenges include a forecasted decline in export growth due to high base effects and ongoing tariff impacts, particularly from the U.S. [12][14].