受美国潜在关税影响，化学品及相关产品贸易顺差在2025年第一季度达到峰值，随后在第二、三季度持 续回落。 自俄乌冲突爆发后，欧盟大幅增加了自美国的能源进口。由此导致美国进口增幅超过全球其他地区，且 保持在相对较高水平。 欧盟原本寄希望于7月与美国达成的贸易协议能够缓解紧张的贸易关系，但现实并未如愿。欧盟委员会 希望美国下调钢铝关税，并对从酒类到医疗设备等一系列商品予以关税豁免。24日美国商务部长卢特尼 克在布鲁塞尔访问时将数字监管方式与降低钢铝关税挂钩。他表示，欧盟若想换取美国下调对其钢铁和 铝产品的关税，就必须先对其科技行业监管规则进行重新调整。欧盟内部担忧，美方的做法正威胁着贸 易协议的实质内容，在实际效果上使协议"空洞化"。 （文章来源：新华财经） 新华财经布鲁塞尔11月25日电 欧盟统计局25日发布的数据显示，今年第三季度，欧盟对美国货物贸易 顺差为408亿欧元，较第二季度的471亿欧元顺差下降13.3%，与第一季度812亿欧元的贸易顺差相比则 大幅萎缩49.7%。 报告指出，第一季度之所以表现突出，是受美国将加征关税影响，欧盟对美出口大幅增长。 数据显示，第三季度欧盟在化学品及相关产品、机械与车辆、 ...

新华社布鲁塞尔11月25日电（记者康逸）欧盟统计局25日发布的数据显示，今年第二、三季度，欧盟对 美国货物贸易顺差持续下降。欧盟第三季度对美国货物贸易顺差为408亿欧元，较第二季度的471亿欧元 顺差下降13.3%，较第一季度812亿欧元顺差大幅萎缩49.7%。 ...

Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - The surplus in goods trade was 52,015 billion yuan, while the service trade recorded a deficit of 11,166 billion yuan [1] - The primary income deficit was 6,844 billion yuan, and the secondary income surplus was 1,069 billion yuan [1] Group 2: USD Valuation - In USD terms, the current account surplus for the first three quarters of 2025 was 4,898 billion USD [1] - The goods trade surplus amounted to 7,262 billion USD, with a service trade deficit of 1,558 billion USD [1] - The primary income deficit was 955 billion USD, and the secondary income surplus was 149 billion USD [1]

Core Viewpoint - The State Administration of Foreign Exchange of China reported a preliminary balance of international payments for the first three quarters of this year, indicating a significant current account surplus. Group 1: Current Account Overview - In the first three quarters of this year, China's current account surplus reached 35,074 billion yuan [1] - In USD terms, the current account surplus amounted to 4,898 million USD [1] Group 2: Trade Balance - The goods trade surplus was 52,015 billion yuan, while the services trade recorded a deficit of 11,166 billion yuan [1] - In USD, the goods trade surplus was 7,262 million USD, and the services trade deficit was 1,558 million USD [1] Group 3: Income Balance - The primary income recorded a deficit of 6,844 billion yuan, while the secondary income showed a surplus of 1,069 billion yuan [1] - In USD, the primary income deficit was 955 million USD, and the secondary income surplus was 149 million USD [1]

Core Points - In Q2 2025, China's current account surplus was 925.2 billion yuan, while the capital and financial account recorded a deficit of 984.2 billion yuan [1] - For the first half of 2025, the current account surplus reached 21,126 billion yuan, with a capital and financial account deficit of 19,936 billion yuan [1] - In USD terms, the current account surplus for Q2 2025 was 128.7 billion USD, driven by a goods trade surplus of 219.1 billion USD and a services trade deficit of 47.1 billion USD [1] - The capital and financial account deficit in USD for Q2 2025 was 137 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 136.9 billion USD [1] - For the first half of 2025, the current account surplus in USD was 294.1 billion USD, with a goods trade surplus of 456.7 billion USD and a services trade deficit of 106.4 billion USD [1] - The capital and financial account deficit in USD for the first half of 2025 was 277.6 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 277.5 billion USD [1] SDR Valuation - In Q2 2025, the current account surplus was 94.9 billion SDR, while the capital and financial account recorded a deficit of 100.8 billion SDR [2] - For the first half of 2025, the current account surplus was 220.9 billion SDR, with a capital and financial account deficit of 207.6 billion SDR [2]

Core Insights - The State Administration of Foreign Exchange released preliminary data on China's balance of payments for the first half of 2025, indicating a current account surplus of 21,589 billion yuan [1] Trade Balance - The goods trade surplus amounted to 32,798 billion yuan, while the services trade recorded a deficit of 7,604 billion yuan [1] - The primary income deficit was 4,089 billion yuan, and the secondary income surplus was 485 billion yuan [1] USD Valuation - In USD terms, the current account surplus for the first half of 2025 was 300.6 billion USD, with a goods trade surplus of 456.6 billion USD [1] - The services trade deficit in USD was 105.9 billion USD, while the primary income deficit was 56.9 billion USD, and the secondary income surplus was 6.7 billion USD [1]

Group 1 - The core viewpoint of the article highlights the international balance of payments data for goods and services trade in China for June 2025, showing a significant increase in trade volume compared to the previous year [1] Group 2 - In June 2025, China's total goods and services trade reached 42,214 billion yuan, marking a year-on-year growth of 6% [1] - The goods trade exports amounted to 21,185 billion yuan, while imports were 15,112 billion yuan, resulting in a surplus of 6,073 billion yuan [1] - The services trade saw exports of 2,437 billion yuan and imports of 3,480 billion yuan, leading to a deficit of 1,043 billion yuan [1] - Major components of services trade included transportation services with a trade volume of 1,639 billion yuan, travel services at 1,603 billion yuan, other commercial services at 967 billion yuan, and telecommunications, computer, and information services at 659 billion yuan [1] - In dollar terms, the goods and services trade exports were valued at 32.92 billion USD, imports at 25.91 billion USD, and the surplus was 7.01 billion USD [1]

Core Viewpoint - The article discusses the growth of China's goods trade surplus and current account surplus, highlighting the impact of economic structure optimization, competitive manufacturing, and recovering external demand on these surpluses [2]. Group 1: Goods Trade Surplus Growth - China's goods trade surplus is a result of deep participation in global industrial division and cyclical fluctuations in external demand [3]. - The long-term surplus is influenced by the global shift in industrial chains, with labor-intensive industries moving to developing countries, while developed nations focus on higher-end products and services [3]. - In 2024, China's goods trade surplus is projected at $768 billion, with foreign-invested enterprises accounting for 27% of total exports, and processing trade surplus contributing 21% to the overall trade surplus [3]. Group 2: External Demand Fluctuations - External demand has shown significant volatility, influenced by global economic developments and international financial market fluctuations [4]. - From 2020 to 2022, major developed economies' quantitative easing led to a 12% annual growth in China's exports, while tightening monetary policies in 2023 resulted in a 5% decline [4]. - A rebound in global manufacturing and semiconductor consumption is expected to drive a 7% increase in exports in 2024 [4]. Group 3: Current Account Balance - The current account is a comprehensive indicator of a country's internal and external economic balance, considering factors like service trade and investment income [6]. - China's current account surplus is projected at $423.9 billion in 2024, reflecting a 45% reduction compared to the goods trade surplus alone [6]. - The current account surplus to GDP ratio is expected to be 2.2% in 2024, indicating a stable economic balance compared to other countries like Japan and Germany [7]. Group 4: Future Outlook - The development of trade surpluses is closely linked to domestic economic adjustments, global supply chain layouts, and changes in internal and external demand [8]. - With ongoing policies to stabilize foreign trade and domestic demand, China's exports and imports are anticipated to maintain steady growth, keeping trade and current account surpluses within reasonable ranges [8].