Group 1 - China's tightening of rare earth export controls has led to a significant escalation in international dynamics, with the U.S. attempting to communicate with China but failing to establish a dialogue [1] - The U.S. President's strong reactions indicate the credibility of the situation, reflecting his frustration with China's non-responsive stance [3] - Despite the U.S. imposing high tariffs on Chinese imports, China's exports have shown resilience, achieving growth against the odds [8][11] Group 2 - China's exports to ASEAN and the EU have been particularly strong, compensating for declines in exports to the U.S. due to tariffs [10] - Emerging markets, especially Africa, present substantial opportunities for Chinese products, with Chinese brands dominating the smartphone market [10] - The dual strategy of rare earth export controls and robust foreign trade resilience provides China with a significant buffer against U.S. trade pressures [11]

Group 1: Trade Performance - In September 2025, China's exports grew by 8.3% year-on-year, up from a previous growth of 4.4%[5] - Imports increased by 7.4%, compared to a prior growth of 1.3%[5] - The trade surplus for September was $90.45 billion, down from $102.33 billion in the previous month[5] Group 2: Contributing Factors - The growth in exports is attributed to market diversification, optimization of export product structure, and a rebound in demand for high-tech products driven by the global AI wave[3] - The low base effect from September 2024, where exports fell by 6.3 percentage points to 2.3%, also contributed to the current growth figures[6] - High-tech product exports saw significant increases, with growth rates of 11.48% for high-tech products, 12.63% for electromechanical products, and 24.85% for general machinery[7] Group 3: Challenges Ahead - The announcement of a 100% tariff on all Chinese imports by the U.S. starting November 1, 2025, introduces uncertainty for China's trade outlook[16] - The potential economic backlash from high tariffs could negatively impact both the U.S. and Chinese economies, complicating trade relations[18] - Despite the challenges, the upcoming Canton Fair in October 2025 is expected to showcase a record participation of over 32,000 companies, indicating resilience in China's trade sector[19]

Core Insights - China's goods trade imports and exports increased by 4% year-on-year in the first three quarters of 2025, with a notable acceleration in growth rate [1] - In September, the import and export growth reached 8%, marking the highest monthly growth rate of the year [1] - Despite global economic challenges, China's foreign trade shows a clear trend of stability and resilience [1] Group 1: Export Performance - China's exports of mechanical and electrical products reached 12.07 trillion yuan, growing by 9.6% and accounting for 60.5% of total exports [4] - High-tech products, including electronic information and advanced equipment, saw strong export growth [4] - The overall performance of China's foreign trade reflects strong resilience, driven by the steady expansion and upgrading of the manufacturing sector [6] Group 2: Market Diversification - Chinese exporters are actively exploring new markets in Asia, Africa, and Latin America as the share of exports to the U.S. declines [9] - The strategic shift towards emerging markets has resulted in record-high exports to India, Africa, and Southeast Asia [9] - Market diversification and targeted domestic support are key strategies for maintaining export growth momentum [9] Group 3: Impact of Tariffs - Despite facing U.S. tariff pressures, China's export performance remains robust, indicating limited overall impact from the trade conflict [12] - This resilient trade performance supports China's economic development and strengthens its position in U.S.-China trade negotiations [12]

Core Insights - China's goods trade import and export reached 33.61 trillion yuan in the first three quarters of the year, showing a year-on-year growth of 4% [1] Group 1: Trade Growth - The growth rate of imports and exports has accelerated each quarter, with increases of 1.3%, 4.5%, and 6% in the first, second, and third quarters respectively, marking eight consecutive quarters of year-on-year growth [1] Group 2: Market Diversification - Trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, growing by 6.2%; trade with ASEAN, Latin America, Africa, and Central Asia increased by 9.6%, 3.9%, 19.5%, and 16.7% respectively; trade with other APEC economies grew by 2% [1] Group 3: Export Product Quality - Exports of electromechanical products totaled 12.07 trillion yuan, increasing by 9.6%; high-tech products such as electronic information, high-end equipment, and instruments grew by 8.1%, 22.4%, and 15.2% respectively; green products also saw double-digit growth [1] Group 4: Import Recovery - Imports showed a gradual recovery, with a 0.3% year-on-year growth in the second quarter and a further acceleration to 4.7% in the third quarter; crude oil imports increased by 4.9%, while imports of measuring instruments and computers grew by 9.3% and 8.9% respectively [1] Group 5: Active Foreign Trade Entities - The number of foreign trade enterprises with import and export performance reached 700,000, an increase of 52,000 year-on-year [2]

Core Viewpoint - China's foreign trade has shown resilience and steady growth in the first three quarters of the year, with a year-on-year growth rate of 4% in total goods trade [2] Group 1: Trade Performance - In the first three quarters, China's total goods trade reached 33.61 trillion yuan, with exports at 19.95 trillion yuan (up 7.1%) and imports at 13.66 trillion yuan (down 0.2%) [2] - The import and export growth rates have accelerated quarterly, with growth rates of 1.3%, 4.5%, and 6% in the first, second, and third quarters respectively [2][3] - The number of foreign trade entities with import and export performance reached 700,000 for the first time, exceeding last year's total [2][3] Group 2: Market Diversification - Trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, growing by 6.2% and accounting for 51.7% of total trade [2] - Exports to ASEAN, Latin America, Africa, and Central Asia grew by 9.6%, 3.9%, 19.5%, and 16.7% respectively [2] Group 3: Export Product Trends - Exports of mechanical and electrical products reached 12.07 trillion yuan, growing by 9.6% and accounting for 60.5% of total exports [3] - High-tech product exports, including electronic information and high-end equipment, saw significant growth rates of 8.1%, 22.4%, and 15.2% respectively [3] Group 4: Import Trends - Imports began to recover, with a growth rate of 4.7% in the third quarter, driven by increased demand for raw materials and high-tech equipment [3][6] - The import quantity index increased by 0.6% year-on-year, despite a 0.2% decline in total import value [6] Group 5: Cross-Border E-commerce - Cross-border e-commerce imports and exports reached approximately 2.06 trillion yuan, growing by 6.4%, with exports at about 1.63 trillion yuan [7] - Major export categories included apparel, digital products, and home appliances, while imports were primarily beauty products, food, and healthcare items [7] Group 6: Regional Trade Developments - The western region of China saw foreign trade growth of 10.2%, with total trade reaching 3.21 trillion yuan in the first three quarters [8] - The western region's trade through the New Western Land-Sea Corridor grew by 19.3%, contributing significantly to overall trade growth [8]

前三季度外贸增速何以逐季加快（权威发布） 我国货物贸易顶住压力，实现平稳增长，同比增速达4% 制图：张芳曼 10月13日，国务院新闻办举行新闻发布会，介绍前三季度进出口情况。据海关统计，今年前三季 度，我国货物贸易进出口33.61万亿元，同比增长4%。其中，出口19.95万亿元，增长7.1%；进口13.66 万亿元，下降0.2%。9月，进出口4.04万亿元，增长8%。海关总署副署长王军说："我国货物贸易顶住 压力，实现平稳增长，展现出较强韧性，有底气、有朝气、有锐气。" 有进出口实绩的外贸经营主体首次达70万家，超去年全年总量 "今年以来，我国外贸在复杂的外部环境下顶压前行，延续稳中向好发展势头。各地各部门攻坚克 难、努力拼搏，广大外贸企业积极应变、开拓创新，我国外贸韧性彰显、结构优化，实现了量质齐升， 成绩来之不易。"王军介绍。 进出口增速逐季加快。一、二季度我国进出口分别增长1.3%和4.5%，三季度增长6%，已连续8个季 度实现同比增长。 进口运行逐步回升。随着内需潜力有效释放，二季度进口同比增长0.3%，三季度增速进一步加快 到4.7%。三季度，原油、金属矿砂进口量同比分别增加4.9%和10.1%；计 ...

10月13日，国务院新闻办举行新闻发布会，介绍前三季度进出口情况。据海关统计，今年前三季度，我 国货物贸易进出口33.61万亿元，同比增长4%。其中，出口19.95万亿元，增长7.1%；进口13.66万亿 元，下降0.2%。9月，进出口4.04万亿元，增长8%。海关总署副署长王军说："我国货物贸易顶住压 力，实现平稳增长，展现出较强韧性，有底气、有朝气、有锐气。" 有进出口实绩的外贸经营主体首次达70万家，超去年全年总量 "今年以来，我国外贸在复杂的外部环境下顶压前行，延续稳中向好发展势头。各地各部门攻坚克难、 努力拼搏，广大外贸企业积极应变、开拓创新，我国外贸韧性彰显、结构优化，实现了量质齐升，成绩 来之不易。"王军介绍。 进出口增速逐季加快。一、二季度我国进出口分别增长1.3%和4.5%，三季度增长6%，已连续8个季度实 现同比增长。 前三季度，我国出口保持良好增长态势，王军分析了几方面原因。 产业体系完备筑牢增长基础。我国工业制品出口份额自2008年起就稳居全球首位，近年来占比均接近两 成。我国制造业出口已连续8年增长，前三季度继续增长7.1%。 创新水平提升激发增长潜能。前三季度，我国出口高技术产品3 ...

海关总署13日发布数据显示，今年前三季度，我国外贸在复杂的外部环境下顶压前行，延续了稳中向好的发展势头。至此，我国进出口已 连续8个季度实现同比增长，反映出我国经济持续向好的强劲韧性。 汉 同年575年 x -、二季度數国旗出口 a 255 分别增长1.3%和4.5% 三年度增长6% 目達到3个基度实现同比增长 49 官方共产1 这周其下，45% 国 可 下 90 CRP 調港 X 同Z-X 权威数恒 市场多元化特级推进 all and the start of the start of the start of the start of the see of the see and 载国对英章 file -路" 国家进出口 00- 單卡6.2% 对泵里、拉美、非洲、中亚套进出口 分别增长 9,6%、3.9%、19-5%和16-7% yours ses start station with a 聘长2% 权威数读 胎口产品向新向优 Films and 进口运行逐步回升 季度湖口 同比增长0.3% 三年 (3) 3 步加快el4.7% 05 载国H口机电产品12.07万亿元 增长9.6% 与H回属信的60.5% ...

Group 1: Import and Export Data Overview - In September, total exports reached 328.6 billion, with a growth rate of 8.3% year-on-year, while imports were 238.1 billion, growing by 7.4%[1] - The rebound in export growth is supported by global economic recovery and market diversification, alongside a low base effect from the previous year[1] - The global manufacturing PMI remained above the neutral line, with September's PMI at 50.8%[1] Group 2: Factors Influencing Export Growth - Market diversification continues to support export growth, with significant increases in exports to regions like APEC (up 56.4%) and ASEAN (up 25.9%) in September[1] - The low base effect from last year contributed to the improved export figures, with September 2022 showing a decline of 2.3%[1] Group 3: Import Dynamics - Import growth exceeded historical levels, driven by improved demand and China's proactive opening-up policies[1] - In September, imports from Africa, ASEAN, and the EU showed significant increases, while imports from the US saw a reduced decline[1] - The low base effect also played a role in the recovery of import figures, with September 2022 showing a decline of 0.13%[1] Group 4: Future Outlook and Risks - The export outlook may face pressure due to potential trade friction and a forecasted global economic slowdown, with BIMCO projecting a growth rate of only 1.6% for 2025-2026[1] - The possibility of marginal increases in tariff levels between China and the US post-November could further impact export dynamics[1]

东方金诚研究发展部执行总监冯琳分析指出，当前中国贸易多元化正在对外部经贸环境波动形成重要缓 冲。 另一方面，外贸主体活跃度上升，企业预期更加稳定。官方透露，前三季度，中国有进出口实绩的外贸 经营主体首次达到70万家，已超过去年全年总量。中国海关贸易景气调查最新结果显示，出口企业信心 指数连续5个月回升，进口企业也连续3个月回升。 作为稳定外贸的"主力军"，截至今年三季度，民营企业进出口已连续22个季度同比增长，前三季度拉动 中国外贸增长4.3个百分点，占外贸总值比重达57%。 从产品看，出口产品结构优化，外贸增长动能更新。前三季度，中国出口工业机器人同比增长54.9%， 中国制造机器人走俏国际市场。中国出口风力发电机组及零件同比增长23.9%，风电出海跑出"加速 度"。 前三季度中国外贸数据13日公布，这份"成绩单"显示中国外贸韧性不减。 据官方数据，今年前三季度，中国货物贸易进出口总值达33.61万亿元(人民币，下同)，同比增长4%。 值得注意的是，在贸易冲突等外部压力有增无减的情况下，中国进出口增速逐季加快。今年一、二季度 中国进出口同比分别增长1.3%和4.5%，三季度同比增长6%，已连续8个季度同比增 ...