"沈阳制造"走俏海外，出口商品清单颇具看点。代表"硬实力"的机电产品依然是出口主力，其中电工器 材出口猛增39.7%，汽车零配件出口也保持增长，显示出沈阳在相关产业链上的优势。同时，劳动密集 型产品出口异军突起，增幅高达86.4%，成为拉动出口增长的一匹"黑马"。在进口方面，尽管机电产品 进口整体下降，但关乎民生消费的农产品和医药材及药品进口均实现了两位数增长，满足了国内市场日 益升级的需求。（文 刘大毅） 在这份成绩单中，几大结构性亮点尤为引人注目：更具自主性的一般贸易占据绝对主导地位，占全市进 出口总值的八成以上，成为外贸结构的"压舱石"；更具活力的民营企业则跑出了"加速度"，进出口同比 增幅高达36.2%，与增长14.7%的国有企业一同成为推动增长的重要力量。 从"朋友圈"来看，沈阳的贸易伙伴更加多元均衡。在对欧盟等传统市场贸易额有所调整的同时，与新兴 市场的联系日益紧密。对东盟国家、共建"一带一路"国家以及RCEP贸易伙伴的进出口均实现了稳定增 长，其中对共建"一带一路"国家的贸易额达到了560亿元，增长4.6%，对RCEP贸易伙伴进出口201.2亿 元，增长8%，为沈阳外贸开拓了更广阔的发展新天地。 ...

从"朋友圈"来看，沈阳的贸易伙伴更加多元均衡。在对欧盟等传统市场贸易额有所调整的同时，与 新兴市场的联系日益紧密。对东盟国家、共建"一带一路"国家以及RCEP贸易伙伴的进出口均实现了稳 定增长，其中对共建"一带一路"国家的贸易额达到了560亿元，增长4.6%，对RCEP贸易伙伴进出口 201.2亿元，增长8%，为沈阳外贸开拓了更广阔的发展新天地。 "沈阳制造"走俏海外，出口商品清单颇具看点。代表"硬实力"的机电产品依然是出口主力，其中电 工器材出口猛增39.7%，汽车零配件出口也保持增长，显示出沈阳在相关产业链上的优势。同时，劳动 密集型产品出口异军突起，增幅高达86.4%，成为拉动出口增长的一匹"黑马"。在进口方面，尽管机电 产品进口整体下降，但关乎民生消费的农产品和医药材及药品进口均实现了两位数增长，满足了国内市 场日益升级的需求。 据海关分析，根据前10个月的外贸运行轨迹，沈阳外贸在承压中稳步前行，虽然进口受大宗商品等 因素影响有所回落，但整体降幅较前9个月已显著收窄2个百分点，显示出企稳向好的态势。 在这份成绩单中，几大结构性亮点尤为引人注目：更具自主性的一般贸易占据绝对主导地位，占全 市进出口总值的 ...

Core Insights - Shanghai's total import and export value reached 3.71 trillion yuan in the first ten months of the year, marking a 5.2% increase year-on-year, which is 1.6 percentage points higher than the national average growth rate [1] - In October alone, Shanghai's import and export value was 367.98 billion yuan, with exports at 161.53 billion yuan and imports at 206.45 billion yuan, reflecting year-on-year growth of 3.5% and 2.8% respectively [1] Group 1: Trade Performance - Cumulative exports from Shanghai in the first ten months totaled 1.64 trillion yuan, up 10.5% year-on-year, while cumulative imports reached 2.07 trillion yuan, a 1.3% increase [1] - Shanghai's trade with emerging markets such as ASEAN, the Middle East, and Africa saw significant growth, with imports and exports of 530.31 billion yuan, 133.36 billion yuan, and 122.22 billion yuan respectively, representing year-on-year increases of 12.6%, 19.7%, and 26.8% [1] - Trade with major BRICS countries like Brazil and India also grew, with respective import and export values of 92.35 billion yuan and 81.34 billion yuan, showing increases of 7.8% and 31.6% [1] Group 2: Emerging Products and Sectors - Exports of emerging products such as electric passenger vehicles, lithium batteries, and solar cells reached 131.43 billion yuan, reflecting an 11.7% year-on-year increase, with growth rates exceeding 25% in the last six months [2] - The export of green shipping equipment, particularly liquid cargo ships, surged to 27.46 billion yuan, marking a substantial year-on-year increase of 115% [2] - Imports of high-tech products showed significant growth, with semiconductor manufacturing equipment, computers and components, and aircraft and parts increasing by 29.6%, 18.3%, and 92.4% respectively [2] Group 3: Consumer Goods - The import of consumer goods in Shanghai performed well, with dairy products, dried and fresh fruits, and beef seeing year-on-year increases of 16.2%, 15.3%, and 10.8% respectively, indicating a gradual release of domestic consumption vitality [2]

Export Performance - In October, China's exports decreased by 1.1% year-on-year, a significant drop of 9.4 percentage points from the previous month, and below the Wind consensus expectation of 3.1%[1] - The export decline is attributed to a high base effect and weakening external demand, with the new export orders PMI falling to 45.9, down nearly 2 percentage points from last month[1] - Exports to the EU, Japan, and South Korea showed significant declines, with exports to Japan down 5.7% and to South Korea down 13.0%[2][3] Product Categories - Labor-intensive products saw a sharp decline, with exports of bags, textiles, and footwear down by 25.7%, 16.0%, and 21.0% respectively, collectively dragging down exports by approximately 2.1 percentage points[3][4] - High-tech products, however, supported export growth, with integrated circuits and automobiles growing by 26.9% and 34.0% respectively, contributing 5.1 percentage points to overall export performance[4][5] Import Trends - Imports grew by only 1.0% year-on-year in October, a decrease of 6.4 percentage points from the previous month, indicating a clear structural divergence[5] - Agricultural imports remained resilient, with a 7.0% increase, particularly driven by a 11.4% rise in soybean imports due to increased procurement from Brazil[5][6] - Energy and machinery imports faced declines, with coal and crude oil imports down by 27.5% and 0.3% respectively, reflecting ongoing price pressures[5][6] Market Outlook - Despite the short-term pressures on exports, structural resilience remains, particularly from non-US markets like ASEAN and Africa, which continue to support export growth[6] - The easing of US-China trade tensions may provide a temporary boost to exports, while high base effects and order depletion could pose challenges in the fourth quarter[6][7] Risk Factors - Potential risks include unexpected changes in overseas policies and slower-than-expected global economic recovery, which could further impact export performance[7][8]

Core Insights - China's foreign trade maintained steady growth in the first ten months of 2023, with a total import and export value of 37.31 trillion yuan, an increase of 3.6% year-on-year [1] - Exports reached 22.12 trillion yuan, growing by 6.2%, while imports were 15.19 trillion yuan, remaining stable compared to the previous year [1] Monthly Performance - In October, the total value of imports and exports was 3.7 trillion yuan, a slight increase of 0.1% [1] - Exports in October were 2.17 trillion yuan, showing a decline of 0.8%, marking the first negative growth in monthly exports since the second half of the year [1][2] - Imports in October were 1.53 trillion yuan, increasing by 1.4%, continuing a five-month growth trend [1] Factors Influencing Export Trends - The decline in October's export growth was attributed to high base effects from the previous year, fewer working days due to the Mid-Autumn Festival, and the impact of high tariffs from the U.S. [2][3] - The export value in October, when measured in U.S. dollars, decreased by 1.1%, with a significant drop in growth rate compared to September [2] High-End Manufacturing and Trade Dynamics - In the first ten months, exports of electromechanical products reached 13.43 trillion yuan, growing by 8.7%, accounting for 60.7% of total exports [4] - Exports of integrated circuits increased by 24.7%, while automotive exports grew by 14.3% [4] - Private enterprises played a crucial role in foreign trade, with their import and export value reaching 21.28 trillion yuan, a growth of 7.2%, representing 57% of total foreign trade [5] Regional Trade Performance - Despite a continued decline in exports to the U.S., exports to the European Union showed positive growth, with an overall increase of 8.4% [5] - Notable growth was observed in exports to Germany (10.6%), France (7.9%), and Italy (9.6%) [5]

Core Viewpoint - China's exports show resilience despite a slowdown in growth due to external demand weakening, with a total import and export value of 37.31 trillion yuan in the first ten months of 2025, reflecting a 3.6% year-on-year increase [1] Group 1: Export Performance - In the first ten months of 2025, exports grew by 6.2%, while imports remained stable compared to the previous year [1] - The export growth rate decreased by 3.5 percentage points compared to the previous three quarters, with October showing a decline in exports of 0.8% in yuan terms and 1.1% in dollar terms, marking the first negative growth since February [1] - The decline in October exports was influenced by a high base from the previous year, reduced working days due to the Mid-Autumn Festival, and ongoing high tariffs from the U.S. impacting global trade [2] Group 2: External Factors - The U.S. tariffs have led to a significant drop in exports to the U.S., with a year-on-year decrease of 25.2% in October, contributing to a 3.8 percentage point drop in overall export growth [2] - Other regions also experienced a decline in export growth, with exports to the EU, Japan, ASEAN, and Belt and Road countries showing varying decreases in growth rates compared to the previous month [3] Group 3: Resilience in Exports - Despite external challenges, China's exports remain resilient, supported by diversification in trade and a surge in AI investments and domestic manufacturing upgrades, particularly in chip and automotive exports [4] - In the first ten months, trade with ASEAN and the EU grew by 9.1% and 4.9%, respectively, while trade with the U.S. decreased by 15.9% [4] Group 4: Product Categories - Mechanical and electrical products accounted for over 60% of exports, with significant growth in integrated circuits (24.7%) and automobiles (14.3%), while labor-intensive products saw a decline [5] - In October, chip exports grew by 26.9% and automobile exports by 34.0%, indicating strong performance in these sectors [5] Group 5: Future Outlook - Export growth is expected to rebound to around 2.0% in November, but overall export momentum is anticipated to weaken in the fourth quarter compared to the previous three quarters [6] - Policies to stabilize foreign trade are expected to support enterprises in shifting exports to domestic sales and expanding export credit insurance coverage [6] - The Shanghai export container freight index rose by 10.5% in late October, indicating stable demand in European shipping routes and positive market conditions for North American routes [6]

Core Insights - In the first ten months, China's export of electromechanical products reached 13.43 trillion yuan, an increase of 8.7%, accounting for 60.7% of total exports [1] - Exports of labor-intensive products amounted to 3.38 trillion yuan, a decrease of 3%, representing 15.3% of total exports [1] - Agricultural product exports totaled 598.98 billion yuan, showing a growth of 2% [1] Electromechanical Products - Exports of automatic data processing equipment and its components were 1.19 trillion yuan, down by 0.7% [1] - Integrated circuit exports reached 1.16 trillion yuan, increasing by 24.7% [1] - Automobile exports were valued at 798.39 billion yuan, reflecting a growth of 14.3% [1] Labor-Intensive Products - Exports of clothing and accessories amounted to 905 billion yuan, declining by 3% [1] - Textile exports were 844.19 billion yuan, with a growth of 1.8% [1] - Exports of plastic products totaled 614.55 billion yuan, showing a slight decrease of 0.1% [1]

Core Insights - China's export of electromechanical products reached 13.43 trillion yuan in the first ten months, marking an 8.7% increase and accounting for 60.7% of total exports [1] Electromechanical Products - Exports of automatic data processing equipment and its components totaled 1.19 trillion yuan, showing a decline of 0.7% [1] - Integrated circuits exports were valued at 1.16 trillion yuan, with a significant growth of 24.7% [1] - Automobile exports amounted to 798.39 billion yuan, reflecting a growth of 14.3% [1] Labor-Intensive Products - Exports of labor-intensive products reached 3.38 trillion yuan, down by 3%, representing 15.3% of total exports [1] - Clothing and apparel exports were 905 billion yuan, decreasing by 3% [1] - Textile exports were valued at 844.19 billion yuan, with a slight increase of 1.8% [1] - Plastic products exports totaled 614.55 billion yuan, showing a marginal decline of 0.1% [1] Agricultural Products - Exports of agricultural products reached 598.98 billion yuan, with a growth of 2% [1]

Core Viewpoint - CITIC Securities believes that the export growth in July continued to exceed expectations, with rapid growth in exports to ASEAN and Africa effectively offsetting the decline in demand from the United States [1] Export Analysis - In terms of export product structure, the semiconductor industry chain, automotive industry chain, and raw materials industry significantly contributed to export growth in July [1] - The contribution of labor-intensive products to overall exports has turned negative [1] Import Analysis - In July, the import growth rate rebounded, with a notable increase in the decline of imports from the United States, while the import quantity growth of most bulk commodities increased compared to previous values [1] Outlook - Looking ahead to the second half of the year, although direct exports to the U.S. and re-export trade will be affected by tariff disturbances, accelerated capacity transfer, technological product innovation, and diversified trade layouts are expected to mitigate some downward pressure on export growth [1] - The export growth rate is anticipated to achieve a positive growth of around 2.5% in the second half of the year [1]

Core Insights - China's export of electromechanical products reached 9.18 trillion yuan in the first seven months, marking a growth of 9.3% and accounting for 60% of total exports [1] - Exports of labor-intensive products decreased by 0.8% to 2.41 trillion yuan, representing 15.7% of total exports [1] - Agricultural product exports increased by 2.9% to 414.66 billion yuan [1] Electromechanical Products - Automatic data processing equipment and its components exported amounted to 823.62 billion yuan, with a growth of 1.1% [1] - Integrated circuits exports were valued at 778.45 billion yuan, showing a significant growth of 21.8% [1] - Automobile exports reached 513.46 billion yuan, reflecting a growth of 10.9% [1] Labor-Intensive Products - Exports of clothing and accessories totaled 636.79 billion yuan, with a slight increase of 0.9% [1] - Textile exports were valued at 590.07 billion yuan, growing by 2.7% [1] - Plastic products exports amounted to 438.9 billion yuan, with a growth of 0.5% [1] Agricultural Products - The total export value of agricultural products was 414.66 billion yuan, with a growth rate of 2.9% [1]