Core Insights - Zhejiang's total import and export value reached 5.06 trillion yuan from January to November, growing by 5.3% year-on-year, surpassing the national average by 1.7% [1] - Exports amounted to 3.83 trillion yuan, increasing by 7.1%, while imports were 1.23 trillion yuan, with a marginal growth of 0.1% [1] Trade Market Performance - ASEAN solidified its position as Zhejiang's largest trade market with a total trade value of 786.81 billion yuan, growing by 15.4%, contributing 40.9% to the province's overall import and export growth [4] - The EU ranked as the second-largest trade market for Zhejiang, with a trade value of 770.14 billion yuan, increasing by 8.3% [4] - Exports to emerging markets such as ASEAN, Latin America, the Middle East, and Africa grew by 16.1%, 10.0%, 12.0%, and 15.4% respectively [4] Private Sector Performance - Private enterprises accounted for 4.16 trillion yuan in import and export value, growing by 7.0% and representing 82.1% of the province's total [2][4] - Exports from private enterprises reached 3.30 trillion yuan, increasing by 8.4%, while imports were 858.61 billion yuan, growing by 1.7% [2][4] - Foreign-invested enterprises reported a total import and export value of 619.78 billion yuan, with exports at 394.41 billion yuan and imports at 225.37 billion yuan, reflecting growth rates of 2.3% and 3.8% respectively [2][4] Product Export Trends - The export of electromechanical products reached 1.79 trillion yuan, growing by 8.8%, with "new three samples" products (solar products, electric vehicles, lithium-ion batteries) seeing a significant increase of 23.3% [5] - Labor-intensive products exported amounted to 1.13 trillion yuan, growing by 3.9%, capturing 30.5% of the national market share [5] - High-tech product exports totaled 324.35 billion yuan, increasing by 10.7%, with high-end equipment exports growing by 16.8% to 129.73 billion yuan [5] Import Trends - The import of electromechanical products grew significantly, reaching 218.42 billion yuan, with notable increases in aircraft and other aviation equipment (122.9%) and computers and components (43.1%) [6] - Consumer goods imports totaled 143.46 billion yuan, growing by 8.7%, while agricultural product imports reached 112.04 billion yuan, increasing by 10.6% [6] Industry Transformation - Many Zhejiang companies are transitioning towards new markets, particularly in the electric vehicle sector, with significant advancements in air suspension technology [3][6] - A specific company, Xigema Co., has developed air suspension systems that achieve 90% of the performance of top international brands at a fraction of the cost [6]

Export Performance - In November 2025, total exports reached $330.4 billion, a year-on-year increase of 5.9%, exceeding market expectations of 3.0% and reversing the previous month's decline of -1.1%[1] - Exports to the EU, Africa, and Latin America improved significantly, contributing 1.9 percentage points, 1.5 percentage points, and 1.0 percentage points to overall export growth, respectively[1] - Exports to ASEAN, China's largest trading partner, saw a marginal slowdown, with year-on-year growth decreasing by 1.9 percentage points to 8.6%, marking the first single-digit growth since February of the same year[1] Trade with the United States - Exports to the U.S. fell by 3.2% month-on-month in November, with a year-on-year decline of 28.8%, the lowest in three months, remaining within the -25% to -30% range[2] - The decline in exports to the U.S. was influenced by high base effects from last year, where exports peaked at $47.3 billion in November 2024 due to anticipatory stockpiling ahead of tariff increases[2] Product Categories - The export growth rate for electromechanical products and high-tech products improved, with electromechanical exports rising by 9.8% and high-tech products by 7.8%, both nearing the average levels seen in the first nine months of the year[3] - Labor-intensive product exports saw a reduced decline from -14.8% to -8.2%, although this remains low compared to the average decline of around 5% in August and September[3] Import Trends - Total imports in November amounted to $218.7 billion, with a year-on-year increase of 1.9%, slightly above the previous month's 1.0%[4] - Imports of electromechanical and high-tech products improved, contributing 5.5 percentage points to overall import growth, while bulk commodity imports turned negative, declining by 1.0% year-on-year[5] Regional Economic Performance - Neighboring economies also showed strong export performance, with South Korea's exports rising by 8.4% year-on-year in November, up from 3.6% in October[6] - Vietnam's exports experienced a slight slowdown to 15.8% year-on-year but maintained double-digit growth[6] Future Outlook - Despite high base effects, November's export performance is expected to support a rebound in industrial value-added growth year-on-year[7] - The resilience of exports is anticipated to continue, bolstered by competitive pricing of manufactured goods, although fluctuations may occur in the coming months due to previous stockpiling effects[7]

Export Performance - In November, China's exports reached $330.35 billion, with a year-on-year growth rate of 5.9%, recovering from a previous decline of -1.1%[5] - The ten-year average year-on-year export growth rate for November is 2.8%[5] - The increase in exports is supported by global economic recovery and market diversification, alongside a low base effect from last year[6] Import Trends - Imports in November totaled $218.67 billion, with a growth rate of 1.9%, slightly up from 1% previously[5] - The ten-year average year-on-year import growth rate for November is 0%[7] - Industrial production recovery and increased demand for certain commodities, such as grains (15.4% growth) and rubber (11.3% growth), supported import growth[7] Trade Surplus - The trade surplus for November was $111.68 billion, an increase from $90.07 billion in the previous month[5] Regional Export Dynamics - Exports to the EU increased by 14.8%, significantly up from 0.9% previously, likely due to pre-Christmas shipping demands[15] - Exports to the US saw a larger decline, with a year-on-year growth rate of -28.6%, worsening from -25.2%[15] - Exports to Africa rebounded to 27.6%, contributing 1.4 percentage points to overall export growth[16] Product-Specific Insights - The export growth rate for mechanical and high-tech products improved, with automotive exports increasing by 53% and integrated circuits by 34.2%[22] - Labor-intensive products showed varying recovery, with a notable improvement in toys and textiles[24] Future Outlook - Cumulative export growth from January to November was 5.4%, with a projected annual growth rate of 5.8% for 2024[26] - The export growth outlook remains resilient despite uncertainties in US-China relations and global economic conditions[26] Risks - Potential risks include weakening external demand, domestic economic downturns, and escalating trade tensions[33]

Core Insights - The General Administration of Customs reported that in the first 11 months, China's export of electromechanical products reached 14.89 trillion yuan, an increase of 8.8%, accounting for 60.9% of total exports [1] Group 1: Electromechanical Products - Exports of automatic data processing equipment and its components totaled 1.31 trillion yuan, a decrease of 1.3% [1] - Exports of integrated circuits reached 1.29 trillion yuan, showing a significant growth of 25.6% [1] - Exports of automobiles amounted to 896.91 billion yuan, reflecting a growth of 17.6% [1] Group 2: Labor-Intensive Products - Exports of labor-intensive products were 3.7 trillion yuan, a decline of 3.5%, making up 15.1% of total exports [1] - Exports of clothing and accessories were 987.26 billion yuan, down by 3.7% [1] - Exports of textiles reached 931.33 billion yuan, with a growth of 1.7% [1] - Exports of plastic products totaled 677.6 billion yuan, showing a slight decrease of 0.5% [1] Group 3: Agricultural Products - Exports of agricultural products reached 670.21 billion yuan, marking a growth of 2% [1]

Core Insights - The total value of goods trade imports and exports in Shenyang reached 114.78 billion RMB in the first ten months of 2025, with exports hitting a record high of 53.77 billion RMB, marking an 11.6% year-on-year growth, surpassing the provincial average by 2 percentage points [1] - Despite a decline in imports due to factors like bulk commodities, the overall decrease has narrowed by 2 percentage points compared to the previous nine months, indicating a stabilizing trend [1] Trade Structure Highlights - General trade, characterized by greater autonomy, dominates Shenyang's foreign trade, accounting for over 80% of the total import and export value, serving as a stabilizing force in the trade structure [1] - Private enterprises showed remarkable growth with a 36.2% year-on-year increase in imports and exports, significantly contributing to the overall growth alongside state-owned enterprises, which grew by 14.7% [1] Trade Partnerships and Product Insights - Shenyang's trade partners have become more diverse, with stable growth in trade with ASEAN countries, Belt and Road Initiative countries, and RCEP partners, including a trade value of 56 billion RMB with Belt and Road countries, growing by 4.6%, and 20.12 billion RMB with RCEP partners, growing by 8% [2] - The export product list from Shenyang is notable, with electromechanical products remaining the mainstay, particularly a 39.7% increase in electrical equipment exports and steady growth in automotive parts, showcasing Shenyang's advantages in related industrial chains [2] - Labor-intensive products have emerged as a surprising contributor to export growth, with an impressive increase of 86.4%, while imports of agricultural products and pharmaceuticals have also seen double-digit growth, meeting the rising domestic market demand [2]

Core Insights - In the first ten months of this year, Shenyang's total import and export value reached 114.78 billion RMB, with exports hitting a record high of 53.77 billion RMB, marking an 11.6% year-on-year increase, surpassing the provincial average growth rate by 2 percentage points [1] Group 1: Trade Performance - The overall import and export performance of Shenyang shows steady progress despite external pressures, with a notable narrowing of the decline in imports by 2 percentage points compared to the previous nine months [1] - General trade, characterized by greater autonomy, dominates Shenyang's foreign trade structure, accounting for over 80% of the total import and export value [1] - Private enterprises exhibited remarkable growth, with a year-on-year increase in import and export value of 36.2%, significantly outpacing the 14.7% growth of state-owned enterprises [1] Group 2: Trade Partners and Market Diversification - Shenyang's trade partnerships have become more diversified, with stable growth in trade with ASEAN countries, Belt and Road Initiative countries, and RCEP partners, despite adjustments in traditional markets like the EU [2] - Trade with Belt and Road Initiative countries reached 56 billion RMB, growing by 4.6%, while trade with RCEP partners amounted to 20.12 billion RMB, increasing by 8% [2] Group 3: Export Composition - The export list from Shenyang highlights strong performance in electromechanical products, with electrical equipment exports surging by 39.7%, and automotive parts also showing growth, indicating Shenyang's advantages in relevant industrial chains [2] - Labor-intensive products emerged as a surprising contributor to export growth, with an impressive increase of 86.4% [2] Group 4: Import Trends - Despite an overall decline in the import of electromechanical products, imports of agricultural products and pharmaceuticals saw double-digit growth, reflecting the rising demand in the domestic market [2]

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]