Core Viewpoint - In the first half of the year, China's goods trade imports and exports achieved a growth rate of 2.9%, demonstrating strong resilience despite complex international circumstances [1][2]. Trade Performance - China's total goods trade reached 21.79 trillion yuan, with exports of 13 trillion yuan (up 7.2%) and imports of 8.79 trillion yuan (down 2.7%) [2]. - In June, the trade volume was 3.85 trillion yuan, with exports at 2.34 trillion yuan (up 7.2%) and imports at 1.51 trillion yuan (up 2.3%) [2]. External Environment and Policy Support - The resilience of China's foreign trade is attributed to a series of supportive policies, which have helped restore business confidence and invigorate new industries [1][2]. - The latest customs trade survey indicates a continuous recovery in confidence among both export and import enterprises [2]. Market Expansion - China's trade relationships expanded, with growth in imports and exports to over 190 countries and regions, and the number of trading partners with a scale exceeding 50 billion yuan increased to 61 [2]. Export Dynamics - The decline in exports to the U.S. has narrowed significantly, contributing positively to overall export performance [3]. - The U.S. has begun to stockpile goods in response to new tariff adjustments, highlighting the irreplaceable nature of China's supply chain [4][5]. Emerging Sectors and Product Growth - There is a notable increase in the export of high-quality green products, with lithium batteries and wind turbine generators seeing growth rates exceeding 20% [6]. - Exports of industrial robots surged by 61.5%, and high-value products like pet supplies and smart manufacturing items have also seen significant growth [6][7]. E-commerce and Consumer Trends - E-commerce platforms reported a dramatic increase in overseas orders, with Alibaba's international site seeing a 42% year-on-year increase in order volume [4]. - During the "618" shopping festival, there was a three-digit growth in overseas orders for certain products, particularly in the pet product category [6].

Core Insights - In the first half of the year, China's total goods trade import and export value reached 21.79 trillion yuan, marking a historical high for the same period, with a year-on-year growth of 2.9% [1] - Exports amounted to 13 trillion yuan, a year-on-year increase of 7.2%, while imports were 8.79 trillion yuan, showing a decline of 2.7% [1] - The second quarter saw a 4.5% year-on-year growth in trade, accelerating by 3.2 percentage points compared to the first quarter, maintaining growth for seven consecutive quarters [1] Trade Performance - Exports of electromechanical products reached 7.8 trillion yuan, up 9.5% year-on-year, accounting for 60% of total exports [1] - High-end equipment related to new productive forces grew by over 20%, while "new three samples" products, representing green and low-carbon initiatives, increased by 12.7% [1] - The import growth was driven by domestic demand expansion, with significant increases in imports of petrochemical, textile, and machinery equipment, as well as key electronic components and important raw materials like crude oil and metal ores [1] Trade Entities and Partners - There were 628,000 foreign trade enterprises with import and export performance, surpassing 600,000 for the first time, an increase of 43,000 from the previous year [2] - Private enterprises accounted for 547,000, with a 7.3% growth in import and export, making up nearly 60% of the total trade value [2] - Trade with countries involved in the Belt and Road Initiative reached 11.29 trillion yuan, a growth of 4.7%, representing 51.8% of total trade value [2] Economic Outlook - The overall performance of China's foreign trade in the first half of the year was characterized by stable growth in scale and improved quality, despite challenges from global unilateralism and protectionism [2] - Recent trade talks in Geneva and London have shown positive progress, with a recovery in China-U.S. trade, as June's import and export value exceeded 350 billion yuan, significantly narrowing the year-on-year decline [2]

Core Viewpoint - China's foreign trade showed resilience in the first half of the year, with a total import and export value of 21.79 trillion yuan, a year-on-year increase of 2.9%, driven by a 7.2% growth in exports despite a 2.7% decline in imports [1][2]. Group 1: Trade Performance - In June, the monthly import and export scale reached 3.85 trillion yuan, marking a 5.2% increase and the second-highest monthly trade volume in history [2]. - The total import and export value has remained above 10 trillion yuan for nine consecutive quarters, with an increase of over 600 billion yuan compared to the same period last year [3]. - The quality of foreign trade is improving, with a focus on high-quality green products and new market opportunities [4]. Group 2: Export Growth - Exports of lithium batteries and wind turbine generators grew by over 20%, while industrial robot exports surged by 61.5% [5]. - China expanded its trade partnerships, achieving growth in trade with over 190 countries and regions, with significant increases in trade with Africa (14.4% growth) and Central Asia (13.8% growth) [5]. Group 3: Import Trends - The negative growth in imports was primarily influenced by falling commodity prices, with crude oil, iron ore, and soybeans seeing price declines of over 10% [6][7]. - Despite the overall decline, there was a rebound in imports in the second quarter, driven by increased domestic demand and a rise in the import of high-end machinery and consumer goods [7]. Group 4: Role of Private Enterprises - Private enterprises have led foreign trade, with their import and export scale surpassing 12 trillion yuan for the first time in history, outpacing the national average growth rate by 4.4 percentage points [8][9]. - Over 80% of specialized "little giant" enterprises in foreign trade are private, indicating strong innovation and development quality [10]. Group 5: Foreign Investment - Foreign enterprises in China maintained a steady growth in trade, with a total import and export value of 6.32 trillion yuan, a 2.4% increase [14]. - The number of foreign enterprises engaged in trade reached a new high since 2021, reflecting China's attractiveness as a stable investment destination [14]. Group 6: Sino-U.S. Trade Relations - Trade with the U.S. saw a decline, with a total value of 2.08 trillion yuan, down 9.3%, influenced by tariff policies [15]. - Recent trade talks have shown positive developments, with a recovery in trade values observed in June [15].

Group 1 - The global economic and trade uncertainty is increasing, leading to higher risks for foreign trade enterprises in collecting payments for goods shipped. Export credit insurance can provide compensation and act as a safety net [1] - In 2024, the insured amount by China Export Credit Insurance Corporation is expected to exceed $1 trillion for the first time, with the number of clients reaching a historical high [1] - Small and micro enterprises are a focus for stabilizing foreign trade, accounting for 57.1% of China's total foreign trade value, with a year-on-year increase of 2.4 percentage points [1] Group 2 - In 2024, China Export Credit Insurance Corporation supported 198,000 small and micro enterprises, a year-on-year increase of 16.2%, and facilitated exports worth $180.84 billion, up 8.6% [2] - The company has established a country risk research center and a credit information company, with a database covering 470 million enterprise banking data, aiding businesses in making effective judgments and preventing credit risks [2] - The average premium rate for small and micro enterprises has decreased by 8.5%, reflecting the company's efforts to provide differentiated and refined services [2]

Group 1 - China Export-Import Bank successfully issued financial bonds worth 5 billion yuan to support the foreign trade development of private enterprises, with a maturity of 1 year [1] - The funds raised from this bond issuance will be specifically used for credit loans in the foreign trade sector for private enterprises, indicating strong market participation and positive subscription from investors [1] - This issuance is part of the bank's efforts to enhance its policy-oriented financial functions and support the international economic cooperation and competitive advantages of private enterprises [1] Group 2 - In 2023, China Export-Import Bank has cumulatively issued 32 billion yuan in themed financial bonds for the foreign trade sector, including 27 billion yuan for enhancing foreign trade quality and 5 billion yuan for supporting foreign trade infrastructure [1] - Private enterprises are recognized as the main force in stabilizing foreign trade growth, with customs in regions like Shanghai and Guangdong implementing measures to reduce burdens and enhance efficiency for these enterprises [1][2] - Shanghai Customs introduced 33 measures to promote cross-border trade facilitation, focusing on accelerating customs clearance for key products and implementing pilot programs for smart inspections [2] Group 3 - Financial institutions are increasing support for foreign trade enterprises, with the Ningbo branch of the People's Bank of China allocating 10 billion yuan for targeted financing to support 13,000 export enterprises [3] - Ningbo Bank has launched various measures to assist foreign trade enterprises in financing, including a 24/7 online service platform for foreign exchange settlement and risk management [3]

Core Insights - China's total goods trade import and export value reached 14.14 trillion yuan in the first four months of the year, a year-on-year increase of 2.4%, with a growth rate acceleration of 1.1 percentage points compared to the first quarter [1] - In April, the import and export value was 3.84 trillion yuan, showing a year-on-year growth of 5.6%, with exports slightly declining to a growth rate of 9.3% while imports turned to growth at 0.8% [1] - The export of mechanical and electrical products increased by 9.5%, accounting for over 60% of total exports, with significant growth in integrated circuits and automobiles [1] Trade Performance - General trade imports and exports grew by 0.6%, accounting for 64% of China's total foreign trade, while processing trade and bonded logistics trade increased by 6.6% and 7% respectively [2] - Private enterprises' imports and exports reached 8.05 trillion yuan, a year-on-year increase of 6.8%, making up 56.9% of total foreign trade, indicating their role as a key driver for stable growth [2] - Trade with neighboring countries saw a significant increase, with imports and exports totaling 5.1 trillion yuan, a growth of 5.1%, particularly with ASEAN and Central Asian countries [2] Market Dynamics - Trade performance varied across traditional markets, with exports to the EU increasing by 1.1% while exports to the US decreased by 1.5% and imports from the US fell by 3.7% [2]