新华社柏林8月7日电（记者 车云龙 张毅荣）德国联邦统计局7日公布的数据显示，受中国和欧盟市 场强劲需求推动，德国6月出口同比增长2.4%，环比增长0.8%，结束此前连续两个月下滑趋势。 数据显示，经季节和工作日调整后，6月德国出口总额为1305亿欧元，进口总额为1156亿欧元。当 月德国对欧盟成员国出口环比增长2.4%，对欧盟以外国家出口下降1.2%，其中对中国出口增长1.1%。 数据显示，受美国加征关税等因素影响，6月德国对美出口环比下降2.1%，为连续第三个月下降； 同比降幅达8.4%。今年上半年，德国对美出口同比下降3.1%。 德国批发和外贸协会主席迪尔克·扬杜拉当天发表声明说，美国反复无常的贸易政策已对德国对外 贸易造成严重影响，不确定性持续上升，直接带来出口损失。越来越多德国企业正在应对当前形势，积 极寻找替代市场。他同时呼吁欧盟与其他贸易伙伴达成更多自由贸易协定，并对现有协定进行改革。 ...

Export Performance - In July 2025, China's exports increased by 7.2% year-on-year, up from 5.9% in the previous month[2] - Imports also rose by 4.1% year-on-year in July, compared to 1.1% previously[2] - The growth in exports is supported by indirect exports from countries like South Korea (+5.9%) and Vietnam (+17.7%) in July[2] Demand Dynamics - The demand from non-US regions may not be sustainable post-tariff implementation, as the US is set to enforce reciprocal tariffs starting August 7, 2025[2] - The resilience of demand from non-US regions is questioned, as historical trends show that a decline in US demand typically leads to reduced demand in regions like ASEAN and Africa[3] Structural Insights - The positive contribution to July's exports primarily came from raw materials, automobiles, and components, with significant contributions of 1.4, 2.6, and 1.9 percentage points respectively from the EU, ASEAN, and Africa[4] - However, there is a noted decline in exports of consumer electronics and automobiles compared to the previous month[4] Future Outlook - Short-term indicators suggest a decline in container shipments to the US, indicating a potential drop in exports to the US in August[5] - Long-term projections indicate that July may represent the peak for year-on-year export growth, with an increasing probability of accelerated decline in exports moving forward[5] Risk Factors - Risks include potential unexpected declines in external demand and unforeseen policy changes that could impact trade dynamics[6]

在当前复杂多变的全球贸易环境下，中国外贸还能否跑出"加速度"？ 本期《全球财经连线》深入解析数据里的中国外贸形势。 0:00 南方财经记者 杨雨莱 全球贸易局势不确定性仍存，但中国外贸韧性不减。 8月7日，海关总署公布数据显示，今年前7个月，中国货物贸易进出口总值达到25.7万亿元，同比增长 3.5%，增速较上半年加快0.6个百分点。其中，7月份，进出口达到了3.91万亿元，增长6.7%。在外 贸"朋友圈"中，东盟作为中国第一大贸易伙伴，与中国贸易总值达到4.29万亿元，同比增长9.4%，占中 国外贸总值的16.7%。 拉动中国外贸增长的主要因素有哪些？反映了中国怎样的外贸形势？ 【本节目内容及观点仅供参考，不构成任何投资建议！】 新媒体统筹：丁青云 曾婷芳 赖禧 黄达迅 海外运营监制: 黄燕淑 策划：赵海建 监制：施诗 编辑：李依农 记者：杨雨莱 摄制：李群 实习生何慧颖 海外运营内容统筹: 黄子豪 海外运营编辑：庄欢 吴婉婕 龙李华 郑全怡 出品：南方财经全媒体集团 ...

Core Viewpoint - China's foreign trade showed stable growth in the first seven months of the year, with total import and export value reaching 25.7 trillion yuan, a year-on-year increase of 3.5% [2][5]. Group 1: Trade Performance - In July, China's total import and export value reached 3.91 trillion yuan, marking a year-on-year growth of 6.7%, with exports at 2.31 trillion yuan (up 8%) and imports at 1.6 trillion yuan (up 4.8%) [3]. - The total import and export value for the first seven months was 25.7 trillion yuan, with exports of 15.31 trillion yuan (up 7.3%) and imports of 10.39 trillion yuan (down 1.6%) [2][5]. Group 2: Commodity Imports - Major commodity import prices fell, with iron ore imports at 697 million tons (down 2.3%) and crude oil at 327 million tons (up 2.8%) [4]. - The import of key raw materials like metal ores and crude oil increased, indicating a correlation with domestic production and economic activity [3]. Group 3: Private Sector Performance - Private enterprises accounted for 57.1% of total foreign trade, with a total import and export value of 14.68 trillion yuan, growing by 7.4% [5]. - The number of private enterprises engaged in foreign trade increased by 8.5%, reaching 570,000 [5]. Group 4: Export Composition - Exports of mechanical and electrical products reached 9.18 trillion yuan, growing by 9.3%, with significant contributions from integrated circuits (up 21.8%) and electric vehicles (up 14.9%) [6]. - High-tech product exports exceeded 5 trillion yuan, contributing over 40% to overall trade growth [6]. Group 5: Trade Partners - ASEAN remained China's largest trading partner, with trade totaling 4.29 trillion yuan (up 9.4%), while trade with the EU and the US saw growth of 3.9% and a decline of 11.1%, respectively [7].

Macro News - In July, China's export value increased by 7.2% year-on-year, with a growth rate rebounding by 1.4 percentage points compared to June [1] - Imports rose by 4.1% year-on-year, with an increase of 3.0 percentage points from the previous month [1] - The trade surplus for the month reached $98.24 billion [1] Education Funding - The Ministry of Finance has arranged for the annual childcare education subsidy funds, which will be distributed soon [2] - Local governments are being guided to develop detailed measures and standards for the subsidy based on local conditions [2] - Some regions that previously implemented preschool education funding are advised to ensure policy continuity [2] Warehousing Industry - The China Warehousing Index has maintained expansion for nine consecutive months [3] - In July, the index stood at 50.1%, a decrease of 0.9 percentage points from the previous month, indicating continued expansion but at a slower pace [5] - The warehousing sector is experiencing a generally good operational state despite weak demand due to extreme weather conditions [5]

出口延续强韧性,进口增长超预期 -7 月进出口数据解读 2025 年 8 月 7 日 分析师 张迪 ☎：010-8092-7737 ☑: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 目雷 8 月 7 日海关总署公布 7 月进出口数据: 7 月我国出口商品 3217.8 亿美元, 0 同比增速为 7.2%(前值 5.9%)，过去十年出口增速同期均值为 3.6%。进口 2235.4 亿美元,增速 4.1%(前值 1.1%),过去十年进口增速同期均值为 0.6%。 贸易顺差 982 亿美元（前值 1148 亿美元）。 7 月出口增速延续小幅回升，其一全球经济景气度仍具韧性，其二抢出口 0 和转口贸易仍有所支撑:一是全球制造业 PMI 仍具韧性。7月 IMF 发布最 新全球经济展望,预计 2025 年和 2026 年的全球经济增速将分别为 3.0%和 3.1%,较今年 4 月预测值分别上调 0.2 和 0.1 个百分点。7 月全球制造业 PMI 为 49.7%(前值 50.4%),欧英越印墨等均有不同幅度上行,其中越南 PMI 上行 3.5 个百分点，墨西哥 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In July 2025, China's import and export exceeded expectations, with export growth mainly due to increased exports to Europe and South Korea, and import growth mainly driven by price increases of commodities such as integrated circuits and agricultural products. The trade surplus was lower than expected due to a significant increase in imports. In the future, exports are expected to be supported by improved Sino - US trade and short - term US rush to import, while import growth is expected to remain low [1][3][4][5]. 3. Summary by Related Catalogs 3.1 Import and Export Totals - In July 2025, the total import and export volume (in US dollars) was 545.323 billion, a year - on - year increase of 5.9%, up 2.0 percentage points from the previous value. The top trading partners in terms of trade volume were ASEAN (trade volume of 86 billion, a year - on - year increase of 7.3%, trade share of 15.78%), the EU (74.5 billion, a year - on - year increase of 5.42%, trade share of 13.67%), the US (47.9 billion, a year - on - year decrease of 21%, trade share of 8.79%), South Korea (28.1 billion, a year - on - year increase of 2.28%, trade share of 5.14%), and Japan (27.4 billion, a year - on - year increase of 9.95%, trade share of 5.02%) [1][3]. 3.2 Exports - In July 2025, exports were 321.784 billion US dollars, a year - on - year increase of 7.2%, better than the expected 5.4% and up 1.3 percentage points from the previous value. The top export destinations were ASEAN (export volume of 54.6 billion, a year - on - year increase of 16.59%, export share of 16.98%), the EU (50 billion, a year - on - year increase of 9.24%, export share of 15.54%), the US (35.8 billion, a year - on - year decrease of 21.67%, with the decline widening by 5.54 percentage points, export share of 11.13%), Japan (12.5 billion, a year - on - year increase of 2.45%, export share of 3.88%), and South Korea (12.4 billion, a year - on - year increase of 4.63%, export share of 3.84%). The top export products were mechanical and electrical products (accounting for 60.2%, a year - on - year increase of 8.0%), of which high - tech products accounted for 24.3%, a year - on - year increase of 4.2%. The top five mechanical and electrical products were electronic components (14.23%), automobile and auto parts (10.37%), electrical equipment (9.67%), automatic data processing equipment and parts (8.69%), and household appliances (4.29%) [3][4]. 3.3 Imports - In July 2025, imports were 223.539 billion US dollars, a year - on - year increase of 4.1%, better than the expected - 1% and up 3 percentage points from the previous value. The top import sources were ASEAN (import volume of 31.4 billion, a year - on - year decrease of 5.76%, import share of 14.05%), the EU (24.5 billion, a year - on - year decrease of 1.58%, import share of 11.07%), Chinese Taipei (19.4 billion, a year - on - year increase of 0.45%, import share of 8.67%), South Korea (15.7 billion, a year - on - year increase of 0.51%, import share of 7.02%), and Japan (14.9 billion, a year - on - year increase of 17.13%, import share of 6.68%). The top import products were mechanical and electrical products (accounting for 40.68%, a year - on - year increase of 2.74%), of which electronic components such as integrated circuits accounted for 41.02% with a year - on - year increase of 13%. Other major import products included crude oil (10.68%), metal ores and concentrates (10.15%), and agricultural products (8.36%). In agricultural product imports, soybeans accounted for 27.44%, meat 10.99%, and dried and fresh fruits and nuts 9.33% [4]. 3.4 Trade Balance - In July 2025, the trade surplus was 98.24 billion US dollars, a year - on - year increase of 14.93%, lower than the expected 105 billion. The largest trade surplus was in automobiles (8.3 billion, an increase of 0.826 billion), followed by auto parts (6.3 billion, a decrease of 0.036 billion). The largest trade deficits were in crude oil (23.8 billion, a decrease of 0.34 billion), integrated circuits (19.4 billion, an increase of 2.049 billion), and agricultural products (10.293 billion, a decrease of 0.112 billion) [4][5].

Core Insights - The total import and export value of the Pearl River Delta (PRD) region reached 4.38 trillion yuan in the first half of the year, marking a year-on-year growth of 4.3% and accounting for 96.3% of Guangdong's total foreign trade [1] - The PRD continues to play a crucial role as a "stabilizer" and "ballast" for national foreign trade, showcasing resilience despite external pressures [1][4] - The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is enhancing resource optimization and competitive advantages among cities, thereby strengthening the industrial chain [1][3] Guangdong Foreign Trade Performance - Guangdong's foreign trade grew by 4% year-on-year, surpassing the national growth rate of 2.9% [1] - Key cities such as Zhaoqing (16.7%), Dongguan (16.5%), and Guangzhou (15.5%) outperformed both provincial and national levels in foreign trade growth [1][2] City-Specific Highlights - Guangzhou's foreign trade reached 605.05 billion yuan, a 15.5% increase, contributing over 800 billion yuan to national and provincial growth [2] - Dongguan's foreign trade totaled 749.28 billion yuan, with a growth rate of 16.5%, significantly boosting Guangdong's overall trade performance [2] - Zhaoqing led the PRD with a remarkable growth rate of 16.7%, driven by a surge in both exports and imports [2][3] Export Structure and Market Diversification - Zhaoqing's export structure is shifting positively, with significant growth in machinery and high-end equipment exports [3] - Guangdong's trade with emerging markets, including ASEAN and countries along the Belt and Road Initiative, is expanding, effectively countering weakened demand from traditional markets [6][7] Cross-Border Trade Efficiency - The collaboration with Hong Kong and Macau is enhancing customs efficiency, with significant improvements in logistics costs and transit times [7][8] - The introduction of innovative customs clearance models, such as the "one-stop" inspection mode, is streamlining cross-border operations [8] Strategic Outlook - The PRD is positioned as a strategic hub for China's new development pattern, contributing to the transformation and upgrading of national foreign trade [8]

分区域看，前7个月，东盟为中国第一大贸易伙伴，中国与东盟贸易总值为4.29万亿元，同比增长 9.4%。欧盟为中国第二大贸易伙伴，中国与欧盟贸易总值为3.35万亿元，同比增长3.9%。美国为中国第 三大贸易伙伴，中国与美国贸易总值为2.42万亿元，同比下降11.1%。 同期，中国对共建"一带一路"国家合计进出口13.29万亿元，同比增长5.5%。 进口方面，前7个月，中国进口原油3.27亿吨，同比增长2.8%，铁矿砂、煤和天然气进口量减少。 同期，进口机电产品4.09万亿元，同比增长5.8%。 中新社北京8月7日电 (记者 尹倩芸)中国海关总署7日公布数据显示，7月中国货物贸易进出口总值 3.91万亿元(人民币，下同)，同比增长6.7%。其中，出口同比增长8%；进口同比增长4.8%，连续两个月 增长。 今年前7个月，中国货物贸易进出口总值25.7万亿元，同比增长3.5%。其中，出口15.31万亿元，增 长7.3%；进口10.39万亿元，下降1.6%，降幅较上半年收窄1.1个百分点。 分产品看，前7个月，中国出口集成电路7784.5亿元，同比增长21.8%；出口汽车5134.6亿元，同比 增长10.9%；出口农产 ...

Trade Overview - In the first seven months, China's total goods trade value reached 25.7 trillion yuan, a year-on-year increase of 3.5% [1] - Exports amounted to 15.31 trillion yuan, growing by 7.3%, while imports were 10.39 trillion yuan, showing a decline of 1.6%, with the decline narrowing by 1.1 percentage points compared to the first half of the year [1] Monthly Trade Performance - In July, the total goods trade value was 3.91 trillion yuan, reflecting a year-on-year growth of 6.7% [1] - Exports in July were 2.31 trillion yuan, up by 8%, and imports were 1.6 trillion yuan, increasing by 4.8%, marking two consecutive months of growth [1] Export Composition - In the first seven months, exports of electromechanical products reached 9.18 trillion yuan, a 9.3% increase, accounting for 60% of total exports [2] - Key components included automatic data processing equipment and parts at 823.62 billion yuan (up 1.1%), integrated circuits at 778.45 billion yuan (up 21.8%), and automobiles at 513.46 billion yuan (up 10.9%) [2] - Labor-intensive product exports totaled 2.41 trillion yuan, down by 0.8%, representing 15.7% of total exports [2] Trade Partners - ASEAN remained China's largest trading partner, with trade totaling 4.29 trillion yuan, a 9.4% increase, accounting for 16.7% of total foreign trade [3] - The EU was the second-largest trading partner, with trade valued at 3.35 trillion yuan, up by 3.9%, making up 13% of total foreign trade [3] - The US ranked third, with trade totaling 2.42 trillion yuan, down by 11.1%, representing 9.4% of total foreign trade [4] Enterprise Performance - Private enterprises' imports and exports reached 14.68 trillion yuan, a 7.4% increase, comprising 57.1% of total foreign trade, up by 2.1 percentage points year-on-year [5] - Exports from private enterprises were 10.04 trillion yuan, growing by 8.7%, while imports were 4.64 trillion yuan, up by 4.7% [5] - Foreign-invested enterprises had imports and exports of 7.46 trillion yuan, a 2.6% increase, accounting for 29% of total foreign trade [5] - State-owned enterprises saw a decline in imports and exports to 3.49 trillion yuan, down by 8.8%, representing 13.6% of total foreign trade [5]