张淑芬将于10月升任香港贸发局总裁一职，她对此感到荣幸，未来会配合政府的出口推广策略，并利用 香港作为国际金融中心、物流中心、贸易中心、会展中心等固有优势，做好双边贸易，将海外企业引进 来的同时，亦助本地及内地企业走出去。 张淑芬提到，美国总统特朗普于上一任任期时亦曾开征关税，企业有一定经验，加上港府推出多项措施 协助业界拓展新市场，包括中东、东南亚等地，亦已见成效。即使过去7年间，中国香港出口至美国市 场有所下滑，但整体出口贸易有增长。 智通财经APP获悉，中美关税"休战期"延长，香港贸发局副总裁张淑芬表示，美国的关税政策影响全 球，而香港贸易及出口商反应迅速，已透过分散投资及出口应对，香港贸发局一直留意市场变化，该局 呼吁企业要因应情况调整业务及投资策略。 ...

Group 1 - The Thai Ministry of Commerce is actively responding to the U.S. announcement of a 19% "reciprocal tariff" by implementing measures to support the private sector [1] - Initial assistance measures include coordinating with banks to offer low-interest loans, deploying trade representatives to explore new markets, and monitoring the impact of tariffs on Thai exports to the U.S. [1] - The "Team Thailand" initiative will focus on preventing the entry of substandard products and transshipment issues, with collaboration between the International Trade Negotiation Department and the Trade Development Department [1] - A "One Stop Service" center will be launched on August 7 to streamline the process for permits and loan consultations, as well as to showcase specialty products for export [1] - The Trade Promotion Department has received a budget allocation of 50 million THB from a 115 billion THB economic stimulus plan to gather business needs and adjust the SMEs Pro-active project to increase export market development subsidies [1] Group 2 - The closure of the Thai-Cambodian border has necessitated adjustments in transportation routes, leading to increased logistics costs and liquidity pressures for businesses [2] - The Trade Promotion Department is discussing low-interest loan measures with banks, including a budget of 10 billion THB from the Export-Import Bank of Thailand to assist affected export companies [2]

Consumption - Travel and tourism activity remains high, with significant recovery in urban and intercity population movement, reflected in increased subway ridership and flight operations[7] - Retail and wholesale volumes for automobiles have slightly declined, indicating a weakening effect of promotional activities and subsidies[7] - Movie attendance and box office revenues have significantly decreased post-summer, indicating a drop in consumer interest[7] Investment - New special bonds issued reached CNY 3.08 trillion as of August 16, with a recent acceleration in issuance[20] - Real estate transaction volumes remain subdued, with new home sales in 30 cities showing a slight recovery but still down year-on-year[20] - Construction activity is marginally improving, with asphalt operating rates increasing and cement shipment rates recovering seasonally[20] Trade and Prices - Import and export volumes are showing divergence, with a 11.1% decline in imports from China to South Korea and a 4.3% drop in global exports[26] - Domestic export freight rates have decreased for seven consecutive weeks, reflecting a retreat from previous shipping surges due to tariff concerns[26] - The Producer Price Index (PPI) remains flat overall, with industrial prices showing little change except for a notable 15% increase in lithium carbonate prices[44] Liquidity - The 10-year government bond yield rose by 5.7 basis points to 1.75%, indicating a tightening liquidity environment[47] - The US dollar index fell by 42 basis points, influenced by moderate inflation data from July, which strengthened expectations for a potential interest rate cut in September[47]

Group 1 - Singapore's non-oil domestic exports (NODX) fell by 4.6% year-on-year in July, significantly worse than the market expectation of a 1.8% decline, primarily due to a drop in pharmaceutical and other non-electronic product exports [1] - In July, Singapore's non-oil exports to the US, China, and Indonesia decreased, while exports to the EU, Taiwan, South Korea, and Hong Kong increased [1] - The Singapore government raised its full-year economic growth forecast from 0.0%-2.0% to 1.5%-2.5% despite concerns over external uncertainties [1] Group 2 - Singapore's Economic Development Board maintained its forecast for non-oil export growth at 1% to 3% for the year, indicating potential weakness in the second half of 2025 after a strong start [1] - Prime Minister Lawrence Wong expressed uncertainty regarding potential future US tariff increases on key industries such as pharmaceuticals and semiconductors, highlighting the pressure on small open economies like Singapore [2]

Group 1: Economic Performance and External Demand - China's GDP grew by 5.3% year-on-year in the first half of the year, with net exports contributing an increase of 1.0 percentage points to economic growth [1] - In Q2, GDP growth slowed to 5.2%, with external demand and consumption contributions decreasing by 0.9 and 0.1 percentage points respectively, while investment contribution increased by 0.8 percentage points [1] - The negative impact of US tariff policies is expected to intensify in the second half of the year, necessitating the effective release of domestic demand potential to stabilize growth [1] Group 2: Trade Dynamics with the US - In the first half of the year, China's exports to the US fell by 10.7%, while imports decreased by 9.2%, leading to an 11.5% drop in trade surplus [2] - The US saw a 21.2% decline in exports to China and a 15.6% decrease in imports from China, with a 12.5% reduction in trade deficit [2] - Despite a reduction in tariffs announced in mid-May, bilateral trade has not fundamentally improved [2] Group 3: Monthly Trade Trends - In May, China's exports to the US dropped by 34.5%, and imports fell by 18.1%, with a 41.5% decrease in trade surplus [3] - By June, the decline in exports to the US moderated to 16.1%, while imports decreased by 15.5% [3] - The US experienced a 42.1% drop in exports to China in May, with a 41.4% decline in imports, but the decline narrowed in June [3] Group 4: Impact of Tariff Policies - Over half of the Chinese goods exported to the US have been significantly affected by the current tariff situation, with 53.5% of product categories experiencing lower export growth than the average [4] - In Q2, 24.5% of products exported to the US saw declines of over 40%, but this only accounted for 2.4% of total export value [5] Group 5: Future Trade Projections - The WTO predicts a 0.9% increase in global goods trade for the year, but warns that recent tariff changes will negatively impact global trade prospects [7] - The IMF has raised its global economic growth forecast but emphasizes that rising tariffs could weaken economic growth and increase uncertainty [6] Group 6: Domestic Economic Strategies - The Chinese government is focusing on releasing domestic demand potential as a key strategy to counter external disruptions [10] - Recent policies aim to stimulate consumption through financial support for personal loans and service sector businesses, enhancing market vitality [14]

Economic Data Summary - July economic data indicates that external demand is stronger than internal demand, production is stronger than consumption, and constant price metrics outperform current price metrics[4] - In July, industrial output and service production indices grew by 5.7% and 5.8% year-on-year, respectively, with GDP growth estimated at around 5% in constant prices[4] - Retail sales in July increased by 3.7% year-on-year, down from 4.8% in the previous month, while fixed asset investment saw a cumulative year-on-year decline of 1.6%[4] Automotive Market Insights - In August, national retail sales of passenger cars reached 452,000 units from August 1-10, a 4% decrease compared to the same period last year[7] - The automotive market has been negatively impacted by reduced "trade-in" policy effectiveness and declining promotional efforts, leading to a 1.5% year-on-year drop in July retail sales[7] Trade and Tariff Developments - In June, the U.S. tariff rate increased to 10%, with tariffs on Chinese goods decreasing from 48.2% in May to 40.3% in June[11] - The tariff rates for major trading partners like Vietnam, Japan, and Germany also increased, potentially suppressing U.S. import demand[11] Commodity Price Trends - Overall commodity prices showed weakness in early August, with coking coal and coke prices rising by 9.6% and 3.6% respectively compared to late July[16] - The Producer Price Index (PPI) is expected to rebound to around -3% year-on-year due to low base effects from the previous year[16] Risks and Market Outlook - Risks include U.S.-China trade tensions, tariff increases, and global supply chain adjustments, which may lead to export volatility and declining corporate profits[3] - Ongoing geopolitical changes and international market fluctuations could continue to impact commodity prices and related industries[3]

Core Insights - The article highlights the growth in export certificates issued by Haikou Customs, indicating a positive trend in foreign trade for Hainan enterprises [1] Group 1 - In the first seven months of this year, Haikou Customs issued a total of 8,610 export certificates [1] - The total value of these exports reached 5.06 billion yuan, reflecting a year-on-year increase of 4.7% [1] - The number of Hainan foreign trade enterprises benefiting from these certificates exceeded 220 [1] Group 2 - The value of exports increased by 15.9% compared to the same period last year [1]

Group 1 - The province's foreign trade maintained resilient growth in the first seven months of the year, with total import and export value reaching 483.38 billion yuan, a year-on-year increase of 22.3%, surpassing the national growth rate by 18.8 percentage points, marking a historical high for the same period [2] - Exports amounted to 324.31 billion yuan, growing by 32.8%, while imports were 159.07 billion yuan, increasing by 5.4% [2] - Processing trade and bonded logistics accounted for over 50% of the total import and export value, with general trade reaching 216.57 billion yuan, up 18.5%, and processing trade and bonded logistics combined at 265.04 billion yuan, growing by 25.6%, representing 54.8% of the total [2] Group 2 - The vitality of foreign trade entities has increased, with private enterprises becoming the main engine for foreign trade growth, and foreign-invested enterprises showing the fastest growth rate [3] - The number of foreign trade enterprises with import and export performance reached 12,200, an increase of 1,200 year-on-year, with private enterprises accounting for 356.06 billion yuan in imports and exports, a growth of 17.7%, representing 73.7% of the province's total foreign trade [3] - The export markets have diversified, with significant growth in trade with the EU, South Korea, and ASEAN, with respective increases of 28.7%, 16.6%, and 8.4% [3]

Group 1 - The U.S. economy is facing severe challenges, with inflation pressures rising and increasing uncertainty, highlighted by a significant surge in the Producer Price Index (PPI) in July [1][3] - The July PPI increased by 0.9% month-on-month, exceeding market expectations of 0.7%, marking the highest monthly increase since June 2022, which shattered optimistic expectations for a Federal Reserve rate cut in September [1][3] - The surge in PPI reveals the underlying vulnerabilities of the U.S. economy, previously portrayed as strong, and indicates the adverse effects of the trade war initiated by the Trump administration [3][5] Group 2 - The U.S. federal government debt surpassed $37 trillion shortly before the PPI data release, indicating a significant fiscal burden due to excessive spending and borrowing [5] - The high-interest rate environment means the U.S. must pay over $1 trillion annually in interest, further complicating the economic landscape [5] - The previously touted non-farm payroll data for July has been called into question, with revisions showing a decline in economic performance, suggesting a disconnect between reported and actual economic conditions [5] Group 3 - The inflation crisis has global repercussions, leading to a stronger U.S. dollar and capital outflows from emerging markets, increasing currency depreciation pressures [7] - The high borrowing costs resulting from the Federal Reserve's inaction on interest rates are raising loan and investment costs for businesses worldwide, contributing to a slowdown in global economic activity [7] - China faces dual pressures from both domestic and international fronts, with risks of capital outflow and currency depreciation due to the U.S. high-interest rate environment, alongside potential impacts on exports from a cooling U.S. economy [7]

Group 1 - The total value of goods trade import and export in Jiangsu Province reached 3.31 trillion yuan in the first seven months of this year, an increase of 5.2% compared to the same period last year, which is 1.7 percentage points higher than the national average, accounting for 12.9% of China's total import and export value during this period [1] - Exports amounted to 2.21 trillion yuan, growing by 9.3%, while imports were 1.1 trillion yuan, showing a decline of 2.1% [1] - State-owned enterprises experienced rapid growth in import and export, with a total of 283.35 billion yuan, an increase of 17% [1] Group 2 - The proportion of imports and exports with countries involved in the "Belt and Road" initiative increased to nearly 50%, totaling 1.64 trillion yuan, a growth of 10.2%, contributing 4.8 percentage points to the province's overall import and export growth [1] - Exports of electromechanical products reached 1.52 trillion yuan, growing by 10.7%, contributing 7.3 percentage points to the province's total export growth, and accounting for 69% of total exports [2] - Exports of labor-intensive products, steel, and basic organic chemicals were 294.01 billion yuan, 64.89 billion yuan, and 57.25 billion yuan, with growth rates of 0.6%, 32.1%, and 1.5% respectively [2]