Core Insights - In 2024, Shanghai's imports and exports with ASEAN grew by 6.9% compared to 2023, with a notable 7.1% increase in the first quarter of 2025, indicating a stable cooperation between China and foreign partners [1] - The implementation of the Regional Comprehensive Economic Partnership (RCEP) and the China-ASEAN Free Trade Area (CAFTA) has significantly contributed to the growth of trade between Shanghai and ASEAN [1] - The complementary industrial structure and differences in industrial division between Shanghai and ASEAN serve as intrinsic drivers for the sustained growth in trade [2] Trade Performance - In 2024, Shanghai exported electrical and mechanical products worth 162.63 billion yuan to ASEAN, a 15.1% increase from 2023, accounting for 63.9% of total exports to ASEAN [2] - Imports of electrical and mechanical products from ASEAN reached 166.55 billion yuan, a 3.7% increase from 2023, making up 50.8% of total imports from ASEAN [2] - The trade balance shows a slight deficit, indicating close cooperation in relevant industrial sectors between Shanghai and ASEAN [2] Key Trade Partners - The top three trade partners for Shanghai within ASEAN in 2024 were Vietnam, Singapore, and Malaysia, with trade values of 132.5 billion yuan, 119.55 billion yuan, and 112.33 billion yuan respectively, reflecting growth rates of 17.7%, 11.2%, and 5.1% compared to 2023 [3] - Indonesia, as a significant emerging market, had trade with Shanghai amounting to 82.35 billion yuan in 2024, with a substantial 22% increase in the first quarter of 2025 [3] - The total trade volume of 582.79 billion yuan between Shanghai and ASEAN accounted for 13.7% of Shanghai's total foreign trade, an increase of 0.7 percentage points from 2023, making ASEAN the second-largest trade partner after the EU [3]

Core Insights - The Canton Fair serves as a barometer for China's foreign trade, showcasing the transition from "China manufacturing" to "China branding" as over half of the 31,000 participating companies possess their own brands [1][2] - The fair highlights the evolution of Chinese enterprises from OEM production to brand-led exports, particularly in the home appliance sector, with companies like Midea, Gree, and Haier leading the way [2] - The shift in foreign trade development models is evident, moving from single product exports to a more integrated approach involving brand and product exports [2][4] Industry Trends - The profitability of OEM business models is declining, prompting companies to focus on brand development for better customer loyalty and negotiation power [3] - Increasing numbers of enterprises are integrating into the global market through technological innovation, brand building, and cultural recognition, rather than merely exporting products [4] - The Canton Fair has established specialized industry cluster exhibition areas and procurement matchmaking events to promote regional brands to global buyers, achieving significant results [4] Company Developments - Gree Electric Appliances showcased a comprehensive display of over 100 products, with 70% of its export revenue coming from its own brand products, particularly in Belt and Road Initiative markets [2] - The "Qingshanhu Knitting and Textile" trade matchmaking event resulted in approximately $10 million in intended orders, emphasizing the effectiveness of regional branding efforts [4]

美国关税大棒落地后，一股托举我国外贸企业的合力迅速形成。与一些人预想中企业会手足无措的场景 相反，"一动一静"两幅截然不同的画面令人印象深刻。 一边，很多美国消费者坐不住了，多个中国电商平台APP在美国的下载量节节攀升，反应更快的消费者 甚至掀起了到中国扫货的"反向代购"热潮；另一边，不少我国外贸企业主一如既往地淡定、忙碌。"我 们靠能力，客户离不了""我们跟全世界做生意"，处变不惊的态度背后，是这些企业快速反应能力与韧 性的体现。"动"与"静"之间，尽显"中国制造"的国际竞争力。 实事求是地看，我国外贸企业并非没有受到影响。尽管这些年我国对美国市场的依赖度明显降低，但高 企的关税仍是实实在在的压力。在2024年我国对美出口的5246亿美元商品中，手机、电脑等各类机电产 品是重要门类，纺织品、玩具、家具等劳动密集型产品也占比不低。这些行业涉及的就业人口庞大、中 小企业数量多，稳住外贸企业的重要性不言而喻。 外贸企业该如何突围？这些天，相关的讨论有很多，比如与客户协商分担成本、拓展新市场、"出口转 内销"、重新布局供应链等，办法不少，有些瞄准眼下，有些着眼长远。不同企业受到的影响不同，采 取的措施各异，但共通之 ...

Core Viewpoint - The "2025 Shandong Province Foreign Trade Quality Shopping Season" is set to launch from mid-May to late June, aiming to support foreign trade enterprises in expanding domestic sales channels and stabilizing production operations [2][3]. Group 1: Event Overview - The shopping season will feature five themed events focusing on various industries, including textiles, daily consumer goods, food, agricultural products, building materials, home appliances, crafts, and machinery [2][3]. - The first event, a "Textiles, Daily Consumer Goods, and Toys Foreign Trade Quality Shopping Festival," is scheduled from May 15 to 19, with over 400 foreign trade enterprises participating [3]. - The second event will focus on "Food and Agricultural Products" from May 23 to 27, leveraging the consumption surge during the Dragon Boat Festival, with over 200 enterprises involved [3]. - The third event will be a "Building Materials, Home Appliances, and Kitchenware Foreign Trade Quality Shopping Festival" from June 5 to 9, featuring over 200 enterprises [3]. - The fourth event will highlight "Crafts, Gifts, and Decorative Items" from June 13 to 17, coinciding with the 9th China Time-honored Brands (Shandong) Expo, with around 300 enterprises participating [3]. - The fifth event, a "Machinery and Electronics Foreign Trade Procurement Matchmaking Conference," is planned for June 25, involving over 50 enterprises [3]. Group 2: Ongoing Activities - From May to December, Shandong Province will conduct regular "Foreign Trade Quality Product Shows" and "Six Entry" activities to enhance the continuity and timeliness of foreign trade enterprises' efforts to expand domestic sales [4]. - The "Foreign Trade Quality Product Show" will be featured at 35 key exhibitions, including the Shandong International Health Industry Expo and the China International Consumer Electronics Expo, with dedicated "Foreign Trade Quality Product Zones" [4]. - The "Six Entry" activities will target various locations such as scenic spots, commercial districts, pedestrian streets, government agencies, universities, and communities, with over 300 events planned by the end of the year [4].

Core Points - Trump announced a delay in "reciprocal tariffs" for most regions, leading to a significant drop in U.S. stock prices, while other global markets showed signs of recovery [1] - The U.S. stock market has underperformed compared to other major global markets since April 9, with the Dow Jones, Nasdaq, and S&P 500 indices showing cumulative changes of -1.27%, 0.24%, and 0.51% respectively [1][10] - The strengthening of the Euro and Yen against the Dollar aligns with Trump's intention to boost trade advantages through a weaker Dollar, while simultaneously indicating a shift of smart money away from U.S. risk assets [7] U.S. Market Performance - The U.S. stock market has seen a significant outflow of funds, with the major indices underperforming compared to global counterparts [1][11] - The 10-year U.S. Treasury yield rose to a panic level of 4.5%, and the Dollar index remains below 100, indicating a lack of confidence in U.S. assets [1] - The cumulative performance of the U.S. indices since April 9 shows a stark contrast to the performance of other global markets, highlighting investor concerns about the U.S. economic outlook [1][10] Global Market Performance - Other global markets, particularly in Europe and Japan, have shown strong performance since April 9, with the Nikkei 225 index rising by 12.59% and the DAX index increasing by 12.17% [8][10] - European stocks have benefited from the European Central Bank's interest rate cuts and a potential easing of geopolitical risks, leading to a more optimistic outlook for the region's economy [9] - The performance of blue-chip stocks in Europe, particularly in the financial sector, has been robust, with Santander and HSBC showing gains of over 16% [9] Economic Implications - The delay in tariff implementation provides breathing room for European and Japanese markets, but the uncertainty surrounding future tariff policies remains a concern for companies heavily reliant on exports to the U.S. [11][12] - The potential for future adjustments to tariff policies could significantly impact the profitability of industries in Japan and Europe, particularly in the automotive and technology sectors [12] - Long-term investment decisions by European and Japanese companies may become more cautious due to the uncertainty surrounding U.S. trade policies, potentially hindering economic growth [12]

Group 1 - The core initiative is the "2025 Shandong Province Foreign Trade Quality Products Shopping Season," aimed at supporting foreign trade enterprises to expand domestic sales channels and stabilize operations [1][3] - The shopping season will consist of five phases, starting with a focus on textiles, daily consumer goods, and toys from May 15 to 19, featuring over 400 foreign trade enterprises [3] - Shandong will regularly host key exhibitions and activities from May to December, including "Foreign Trade Quality Products Show" and "Six In" activities, to enhance the continuity and timeliness of foreign trade enterprises' efforts [3][6] Group 2 - The initiative promotes the "same line, same standard, same quality" policy, ensuring that products for domestic and international markets meet the same quality standards [4] - Shandong will facilitate the certification process for export-to-domestic products, reducing the certification time from 90 days to 30 days [4] - The shopping season will include activities in tourist areas and cultural venues to integrate foreign trade products into the tourism consumption chain [5] Group 3 - The province will launch an online "Shandong Foreign Trade Quality Products Pavilion" on major e-commerce platforms, offering incentives such as waived deposits and fees for participating enterprises [5] - Financial support measures will be developed to assist foreign trade enterprises in expanding domestic sales, addressing issues like standards and funding shortages [6] - In the first quarter, Shandong's retail sales of consumer goods grew by 5.6% year-on-year, and the total import and export value increased by 5.9%, both outpacing national averages [6]

2025.04. 24 本文字数：2191，阅读时长大约4分钟 导读 ： 伴宠机器人、可用再生能源的锂电割草机……中国产品吸引外商的不仅是价格，更多是创新性、可定 制。 作者 | 第一财经 王珍 封图 | 俞倩在广交会接待外国客商 作为中国对外贸易的晴雨表，目前正在广州举行的第137届中国进出口商品交易会（广交会），展馆 里外商云集、人流如鲫。关税变数没有阻挡外商们的采购热情。 做电动工具出口的俞倩中午12点在接待客商的间隙告诉第一财经记者，与往年不同，今年中国的出 口企业没有再把创新产品"藏着、掖着"，而是把创新产品大方地陈列出来、吸引客人，来广交会的客 商也不只是简单地压价，会坐下来细谈产品的定制。 俞倩顺手拿起一个外形有点像游戏机的汽车打蜡机说，她会让同事把汽车美容后市场工具往小家电的 风格去设计。尽管美国市场的出口暂时碰到挑战，但是俞倩说"在内销上已找到感觉，中国市场很 大，拥有汽车的人越来越多，我们也在做自己的品牌"。 更让她兴奋的是，她们展出的电机、控制器等全产业链零配件，激发了外商的定制需求。一位阿根廷 客人提出，能否与她们合作研制用于畜牧业拉牲口的收绳电动工具，她预计两三个月就能研发出新产 品 ...

Core Insights - The 137th China Import and Export Fair (Canton Fair) showcases strong foreign interest in Chinese exports despite tariff uncertainties, highlighting a shift towards innovation and customization in product offerings [4][5] Group 1: Innovation and Product Development - Chinese export companies are openly displaying innovative products at the Canton Fair, moving away from previous practices of withholding new designs [4] - Companies like Zhejiang Chengkang Electromechanical Manufacturing Co. are focusing on developing their own brands and responding to domestic market demands, indicating a strategic pivot towards internal sales [4][5] - Zhejiang Dongyi New Energy Power Technology Co. has successfully introduced innovative products like a fifth-generation lawn mower in the European market, demonstrating adaptability despite challenges in the U.S. market [7] Group 2: Market Expansion Strategies - Companies are diversifying their market strategies by exploring e-commerce platforms such as Taobao and JD.com for domestic sales, while also targeting emerging markets in Russia, Kazakhstan, and Thailand [10] - The battery industry, represented by companies like Nanfu Battery, is also seeking growth in Europe and emerging markets, capitalizing on new regulations that require removable batteries in appliances [10][11] - Customization is a key trend, with companies like Jinda Intelligent Innovation Technology Co. receiving numerous inquiries for tailored products from international clients, indicating a demand for localized solutions [11] Group 3: Sales Performance and Future Outlook - Jinda Intelligent has reported over 100,000 intended orders for their robotic products at the fair, showcasing strong demand and a robust supply chain for rapid product assembly [8] - The export of alkaline batteries by Nanfu reached 1.6 billion units last year, with expectations for continued growth and the potential addition of production lines to meet rising demand [10][11] - The pet robot market is projected to grow by 5%-10% annually, driven by increasing pet ownership, indicating a promising future for companies in this segment [11]

Group 1 - In the first quarter, Yichun's total import and export reached 5.15 billion yuan, a year-on-year increase of 26.1% [1] - Exports amounted to 4.46 billion yuan, growing by 30.3%, while imports were 690 million yuan, increasing by 4.3% [1] - Production-oriented enterprises dominated the foreign trade, accounting for 81.7% of the total foreign trade value [1] Group 2 - Private enterprises played a significant role as a "stabilizer" in foreign trade, with imports and exports reaching 3.36 billion yuan, a growth of 36.9% [1] - Foreign-invested enterprises had imports and exports of 1.7 billion yuan, growing by 9%, while state-owned enterprises accounted for 97.37 million yuan, increasing by 27.2% [1] Group 3 - Trade with major partners showed overall growth, with ASEAN, EU, Japan, and the US seeing respective trade values of 1.27 billion yuan, 810 million yuan, 700 million yuan, and 630 million yuan [2] - Trade with Belt and Road countries reached 2.62 billion yuan, growing by 38.7%, while trade with other RCEP members was 2.2 billion yuan, increasing by 47.1% [2] Group 4 - Processing trade continued to rise, with imports and exports totaling 1.25 billion yuan, a growth of 89.8%, accounting for 24.3% of the total [2] - Mechanical and electrical products maintained a rapid growth rate, with exports of 2.01 billion yuan, increasing by 67.7% [2] Group 5 - The demand for intermediate goods remained stable, with imports totaling 620 million yuan, a growth of 5.2%, making up 90.7% of total imports [3] - Integrated circuits and inorganic chemicals saw imports of 220 million yuan and 100 million yuan, growing by 5.7% and 34.7% respectively [3]

美国推出新一轮的单边关税政策 1 2025年4月2日，在美国的"解放日"中，美国政府宣布了国家紧急状态并推出了覆盖所有美国贸易伙伴 的"互惠"(reciprocal)关税政策。而在此之前，已经有多项针对其主要贸易伙伴（如中国，加拿大、墨 西哥等）的关税政策出台，部分已经进入执行状态。 在2024年，美国的进出口逆差超过了1.2万亿美元 1 ，在此情况下这一次的关税体现了两个特点，第 一为覆盖范围广——覆盖所有贸易伙伴，即使美国的贸易顺差国家也被加以10%的关税，第二为有针 对性的差异化税率，美国的主要贸易逆差国家和地区被加征更高的关税。 | 2 | | --- | 美国与中国的关税博弈自2018年始， 特朗普开始第二任期后再次升级 本文选自科尔尼 2025 年 4 月 8 日刊发的行业通讯，现全文分享。 中美作为全球最大的两大经济体，2024年中美双边贸易额约6800亿美元，其中美国对中国出口约 1600亿美元，美国从中国进口约5200亿美元，贸易逆差约3600亿美元 2 。 其中中国主要出口机电产品、纺织鞋服、金属制品等，美国主要出口机械电子、农产品、能源等，因 此这些行业中的企业受关税影响较大。 美国政府 ...