付凌晖提到，今年以来，面对贸易环境急剧变化，不稳定不确定因素显著增多，我国货物进出口持续增 长，展现出较强韧性和活力。7月份我国货物进出口总额同比增长6.7%，比上月加快1.5个百分点。其中 货物出口额同比增长8%，增速比上月加快0.8个百分点，连续两个月加快。在出口较快增长的同时，我 国进口也在逐步回升。7月份货物进口额同比增长4.8%，比上月加快2.4个百分点，连续两个月回升，有 利于扩大全球市场需求，也为世界经济复苏注入了中国力量。 提到下半年出口商品竞争力，付凌晖强调，我国企业大力提升自主研发能力，加快转型步伐，产品结构 不断优化，技术含量逐步提升，国际竞争力日益增强，也有利于出口增长。1-7月份，我国机电产品出 口额同比增长9.3%，其中集成电路出口增长21.8%。高技术产品出口向好，1-7月份高技术产品出口额增 长7.2%。 他称，今年以来，面对外部市场波动，在支持民营企业发展各项措施作用下，以民营企业为代表的广大 外贸企业主动作为，巩固开拓市场。1-7月份我国民营企业出口同比增长8.7%，快于全部货物出口增 速。广大外贸经营主体应变求新，也有利于拓展外贸空间。 南都讯 记者潘珊菊发自北京 本周中 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **Chinese economy**, focusing on **trade dynamics** including exports and imports, particularly in relation to the United States and other regions. Key Insights and Arguments 1. **Export Growth Trends** - In July, the year-on-year export growth rate increased slightly from 5.9% in June to 7.2% in July. However, seasonally adjusted exports showed a slight month-on-month decline, indicating weakening momentum in export growth [1][4]. 2. **Exports to the United States** - Exports to the U.S. decreased by 3% month-on-month in July, with a year-on-year decline expanding from 16.1% in June to 21.6% in July. This reflects a continued low level of exports to the U.S., although slightly higher than in April and May [2][4]. 3. **Regional Export Performance** - Exports to ASEAN countries saw a month-on-month decline of 2.6%, but year-on-year growth remained robust at 16.6%. In contrast, exports to the EU grew by 9.2% year-on-year, while exports to Japan slowed to a 2% growth rate [2][4]. 4. **Import Growth** - July imports showed a year-on-year growth rate of 4.1%, up from 1.1% in June. The actual import volume growth rate also improved from 3% to 4.9%. Notably, the decline in the import of a basket of commodities narrowed from 9% to 4% [3][4]. 5. **Impact of Trade Policies** - Trade uncertainties remain high, with new tariffs announced by the U.S. affecting over 70 economies. The potential for further tariffs on semiconductors could significantly impact China's exports to the U.S., which currently account for over 20% of its export volume [4][4]. 6. **Future Export Projections** - The expectation is that China's year-on-year export decline to the U.S. will widen in the second half of the year, with projections indicating a 1% growth in exports for 2025, followed by a potential 3% decline in 2026 due to tariff impacts [4][4]. Additional Important Content - **Product-Specific Export Trends** - Key products such as electronics saw a slowdown in export growth, with mobile phone exports declining by 22% year-on-year. In contrast, integrated circuit exports continued to grow [2][17]. - **Macroeconomic Indicators** - The overall trade surplus and nominal import/export growth rates are illustrated in various charts, indicating fluctuating trends over the years [6][10]. - **Currency Fluctuations** - The Chinese yuan experienced a mild depreciation against the U.S. dollar in July, which may influence trade dynamics [20][22]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the Chinese economy, particularly in the context of international trade.

Group 1: Export Performance - In July, China's exports (in USD) increased by 7.2% year-on-year, compared to a previous value of 5.9%, but decreased by 1.1% month-on-month[5] - Exports to the EU improved, with a year-on-year growth of 9.2% in July, contributing 1.4 percentage points to overall export growth[17] - The overall export growth is supported by strong performance in machinery and electrical products, which saw an 8% year-on-year increase, contributing 4.8 percentage points to total exports[18] Group 2: Market Dynamics - Despite a negative growth rate in U.S. imports, China's exports remained resilient due to a shift in import sources, with ASEAN countries benefiting from tariff exemptions[6] - The U.S. demand has shown signs of exhaustion, with a significant drop in imports from China, which fell by 44% year-on-year in June[6] - The ongoing trade tensions and tariffs between the U.S. and China are expected to continue impacting trade dynamics, with a potential decline in exports anticipated[30] Group 3: Future Outlook - The export outlook may face challenges as U.S. demand is expected to decline further, which could indirectly affect China's exports through reduced demand in ASEAN countries[22] - The increase in tariffs on ASEAN countries starting August 1 may lead to a decrease in their export activities, putting additional pressure on China's export performance[8] - The uncertainty surrounding U.S.-China trade negotiations remains a significant risk factor for future export stability[30]

Group 1 - China's export scale exceeded 13 trillion yuan in the first half of the year, achieving a year-on-year growth of 7.2%, marking a historical high for the same period [1] - In June, the total import and export scale reached 3.85 trillion yuan, with exports at 2.34 trillion yuan, growing by 7.2%, indicating a recovery in growth rates [1] - The complete industrial chain and continuous technological upgrades provide a strong foundation for China's export resilience amid challenging external environments [1][2] Group 2 - China's manufacturing value added has consistently exceeded 30 trillion yuan annually since the 14th Five-Year Plan, maintaining its position as the world's largest manufacturing country for 15 consecutive years [2] - High-tech product exports grew by 9.2% in the first half of the year, with significant increases in exports of high-end machine tools, ships, and marine engineering equipment [2] - China's trade partnerships expanded, with over 190 countries and regions experiencing growth in imports and exports, and the number of trading partners with a trade scale exceeding 50 billion yuan increased by 5 compared to the previous year [2] Group 3 - Exports to emerging markets contributed significantly to growth, with imports and exports to Africa increasing by 14.4% and to Central Asia by 13.8% in the first half of the year [3] - Despite a decline in export growth to the U.S., China's export resilience is supported by strong product competitiveness and market diversification [3] - Various international organizations have downgraded global trade growth forecasts for 2025, but China has maintained its own pace and rhythm in trade [3]