Core Viewpoint - China's foreign trade shows resilience, but export growth has declined due to a slowdown in external demand [3] Group 1: Export Performance - In the first ten months of 2025, China's total import and export value reached 37.31 trillion yuan, a year-on-year increase of 3.6%, with exports growing by 6.2% [3] - The export growth rate for the first ten months decreased by 3.5 percentage points compared to the previous three quarters [3] - In October, exports fell by 0.8% in yuan terms and 1.1% in dollar terms, marking the first negative growth since February of this year [3][4] Group 2: Factors Affecting Export Growth - The decline in October's export growth is attributed to three main factors: high base effect from last year, fewer working days due to the Mid-Autumn Festival, and the impact of high tariffs from the U.S. [5] - Exports to the U.S. saw a significant drop of 25.2% year-on-year in October, contributing to a 3.8 percentage point decrease in overall export growth [5][6] Group 3: Resilience in Exports - Despite external challenges, China's exports remain resilient, supported by trade diversification and a surge in AI investments, which have boosted chip and automobile exports [8] - In the first ten months, exports to ASEAN and the EU grew by 9.1% and 4.9%, respectively, while trade with the U.S. decreased by 15.9% [8][9] Group 4: Export Composition - Mechanical and electrical products accounted for over 60% of exports, with integrated circuits and automobiles experiencing double-digit growth [9] - In October, chip exports grew by 26.9% and automobile exports by 34.0%, indicating strong performance in these sectors [9] Group 5: Policy Support and Future Outlook - The export growth rate is expected to rebound to around 2.0% in November, but fourth-quarter export momentum is anticipated to weaken compared to the previous quarters [11] - Policies to stabilize foreign trade may include supporting enterprises in shifting exports to domestic sales and expanding export credit insurance coverage [11]