Export Data Overview - In October, China's exports (in USD) recorded a year-on-year decline of -1.1%, down from +8.3% in September, marking the first negative growth since March 2025[3] - Exports to the US saw a significant drop of -25.2%, slightly improving from September's -27.0%[3] - Exports to ASEAN maintained resilience with a growth rate of +11.0%, down from +15.6% in September[3] Regional Export Performance - Exports to the EU grew by only +0.9%, a sharp decline from +14.2% in September[3] - Exports to Africa and Latin America still showed positive growth but decreased significantly, from +56.4% and +15.2% in September to +10.5% and +2.1% respectively[3] Product Category Insights - Labor-intensive products like clothing, bags, and footwear experienced substantial declines, with growth rates of -16.0%, -25.7%, and -21.0% respectively[3] - High-tech manufacturing exports remained strong, with mobile phone exports dropping from -1.7% in September to -16.6% in October, while integrated circuits, automobiles, and ships recorded growth rates of +26.9%, +34.0%, and +68.4% respectively[3] Seasonal and Trade Relationship Factors - October's export data reflects seasonal trends, with a historical average month-on-month decline of -3.8% due to the National Day holiday[3] - The easing of US-EU trade tensions has contributed to the decline in exports to the EU, with a month-on-month decrease of -8.6% in October[3] - The phenomenon of "export rush" appears to be waning, impacting growth rates to ASEAN and other emerging markets[3] Future Outlook and Risks - There is a potential risk of further decline in export growth rates in Q4, with the possibility of turning negative due to higher base effects in November and December[3] - Ongoing uncertainties in US-China trade relations and a potential slowdown in global economic growth pose additional risks to export performance[3]

Core Points - The German Vice Chancellor and Finance Minister, Christian Lindner, criticized the EU's approach in trade negotiations with the US, suggesting that the EU should adopt a firmer stance [1] - Lindner emphasized the need for clarity in the agreement reached last month between the US and EU, indicating that there are still many unresolved issues [1] - He expressed the importance of Germany sending a clear signal of its desire to work closely with the US and engage in dialogue to address challenges [1] Trade Negotiations - Lindner stated that the EU must be more assertive in its negotiations with the US to foster confidence [1] - He mentioned that resolving trade conflicts between the US and EU should be prioritized [1] - The recent trade agreement includes a 15% tariff on EU products entering the US and a commitment from the EU to invest an additional $600 billion and purchase $750 billion worth of US energy [1]

Core Viewpoint - President Trump has stated that the U.S. is not seeking an agreement with the European Union (EU) and indicated that discussions about delaying tariffs could occur if the EU shifts its stance towards the U.S. [1] Group 1 - The U.S. administration is currently not pursuing a trade agreement with the EU [1] - There is a possibility of discussing the postponement of tariffs if the EU begins to align more closely with U.S. interests [1]