新京报贝壳财经讯（记者俞金旻）8月26日，贝壳财经记者从上海海关获悉，7月份，上海市进出口 3972.4亿元，同比增长9.5%，自今年2月份以来已经连续6个月保持增长，当月增速比全国高2.8个百分 点。 此外，上海市贸易伙伴多元发展，对新兴市场进出口实现较快增长。7月份，上海市对共建"一带一 路"国家进出口1587.8亿元，增长13.8%，占同期全市外贸总值近四成。对东盟、中东、非洲等新兴市场 进出口分别增长12.3%、44.3%、55.5%。前7个月，上海市对共建"一带一路"国家进出口增长12.2%，对 东盟、中东、非洲等新兴市场进出口分别增长11.1%、24.7%、34.6%。 7月份，上海市出口机电产品1124.5亿元，增长5.2%。其中，工业机器人、高端机床出口分别增长 103.5%、63.4%；锂电池出口42.8亿元，增长75.7%，附加值较高的储能电池出口比重显著提升。消费品 以旧换新、提振消费专项行动等政策"组合拳"持续发力，市场活力释放推动部分消费品进口增长。7月 份干鲜瓜果、食用油、游艺运动设备分别增长59.9%、16.3%、29.4%，前7个月分别增长12.9%、6.4%、 6.6%。 校 ...

7月份上海市民营企业进出口增长35.7%，规模创单月历史新高 7月份，上海市出口1706.8亿元，规模创今年单月最高，增长8.5%，今年以来单月出口均实现正增长； 进口2265.6亿元，增长10.3%，年内首次实现两位数增长。 与此同时，7月份上海市民营企业进出口增长35.7%，规模创单月历史新高，增速创年内新高。前7个 月，上海民营企业进出口增长25.5%，较上半年提升1.9个百分点，占同期全市进出口总值的38.6%。 和全国的趋势类似，上海在开拓多元化市场上也跑出了"加速度"，传统发达国家收缩的缺口被新兴市场 补足。7月份，上海市对共建"一带一路"国家进出口增长13.8%，占同期全市外贸总值近4成。对东盟、 中东、非洲等新兴市场进出口分别增长12.3%、44.3%、55.5%。前7个月，上海市对共建"一带一路"国 家进出口增长12.2%，对东盟、中东、非洲等新兴市场进出口分别增长11.1%、24.7%、34.6%。 持续转型迭代的机电产品"含新量"稳步提升。7月份，上海市出口机电产品1124.5亿元，增长5.2%。其 中，工业机器人、高端机床出口分别增长103.5%、63.4%；锂电池出口42.8亿元，增 ...

Core Insights - Shanghai's private enterprises have become a "new engine" for foreign trade development, with a significant increase in import and export activities in the first five months of the year [1][4]. Group 1: Trade Performance - In the first five months, Shanghai's total foreign trade import and export reached 1.8 trillion yuan, a year-on-year increase of 1.8%, with a month-on-month growth rate improvement of 0.8 percentage points [1]. - In May alone, Shanghai's import and export reached 377.15 billion yuan, representing a year-on-year growth of 4.5%, marking four consecutive months of positive growth [1]. - Exports in May totaled 158.38 billion yuan, up 3.5% year-on-year, while imports were 218.77 billion yuan, increasing by 5.3% [1]. Group 2: Private Enterprises Contribution - Private enterprises accounted for 671.7 billion yuan in import and export value in the first five months, a year-on-year increase of 22.2%, significantly outpacing the overall foreign trade growth by 20.4 percentage points [4]. - In May, private enterprises achieved a record monthly import and export value of 147.71 billion yuan, up 27.3% year-on-year, making them the main contributor to Shanghai's trade growth [4]. Group 3: Export Markets and Products - Shanghai's enterprises exported 503.85 billion yuan worth of electromechanical products in the first five months, a year-on-year increase of 2.3%, accounting for over 60% of total exports [4]. - Exports of integrated circuits and laptops were 74.4 billion yuan and 21.87 billion yuan, respectively, with year-on-year growth of 4.5% and 1.6% [4]. - Labor-intensive products saw exports of 77.7 billion yuan, up 8.2% year-on-year, with growth in textiles, plastics, and bags [4]. Group 4: Import Trends - Imports of consumer goods such as meat, dried and fresh fruits, and dairy products increased by 8.9%, 2.4%, and 24.3% respectively in the first five months [7]. - Industrial materials and equipment imports also saw growth, with rubber, aircraft parts, audio-visual equipment, and industrial robots increasing by 59.6%, 29.9%, 18.2%, and 23.1% respectively [7].

Core Viewpoint - Shandong Province's foreign trade has shown strong resilience in the face of complex international circumstances, achieving significant growth and contributing notably to national trade performance [3][6]. Group 1: Trade Performance - In the first half of the year, Shandong's total goods trade import and export reached 1.73 trillion RMB, ranking 5th nationally, with a year-on-year growth of 6.8%, surpassing the national average of 3.9% [3]. - Exports amounted to 1.05 trillion RMB, growing by 6%, while imports reached 676.41 billion RMB, increasing by 8.1% [3][4]. - The trade scale has set new historical highs for the province, with quarterly growth accelerating, particularly in the second quarter, which saw a 7.6% increase compared to the first quarter [3]. Group 2: Regional Development - The three economic circles of Shandong—provincial capital, Jiaodong, and Lunan—are collaborating closely, with the provincial capital circle achieving 462.23 billion RMB in trade, a 7% increase [4]. - The Jiaodong economic circle, leveraging its port advantages, accounted for over 60% of the province's trade, with a total of 1.05 trillion RMB in imports and exports, growing by 5.8% [4]. - The Lunan economic circle is focusing on rural revitalization and traditional industry upgrades, achieving 218.32 billion RMB in trade, with an impressive growth rate of 11.7% [4]. Group 3: Export Structure - Shandong's exports are characterized by stability and structural optimization, with high-tech product exports reaching 90.08 billion RMB, a growth of 28.1% [5]. - The export of cultural products increased by 18.2%, while green low-carbon products saw a growth of 12.2%, indicating a shift towards more innovative and sustainable products [5]. - Self-branded products accounted for over 25% of total exports, with a total value of 270.65 billion RMB, reflecting the growing international appeal of Shandong's brands [5]. Group 4: Import Demand - There has been a sustained increase in import demand, with raw materials and consumer goods driving growth, particularly in bulk commodities, which reached 370.54 billion RMB, a 16.7% increase [6]. - Notable increases in specific imports include crude oil at 207.52 billion RMB (16.3% growth), aluminum ore at 37.78 billion RMB (80.6% growth), and copper ore at 32.01 billion RMB (26.4% growth) [6]. - Consumer goods imports also rose significantly, with seafood imports increasing by 17.3% and edible oil imports by 40.4% [6]. Group 5: Future Outlook - The customs authorities in Jinan and Qingdao are committed to enhancing regulatory services and facilitating cross-border trade, aiming to maintain steady growth in Shandong's foreign trade [7].

FICC日报 | 2025-07-15 关注中国6月经济数据和美国6月CPI数据 市场分析 "反内卷"预期火热。5月国内数据好坏参半，5月投资数据整体走弱，尤其是地产边际压力再增，后续或将拖累财 政收入，及整个地产链条；同时出口也略有承压，5月"抢出口"成色一般，叠加美国5月零售销售走弱，前期需求 透支下，后续外需预计将承压；5月仅有消费表现韧性，第三批消费品以旧换新资金将于7月下。中国6月制造业PMI 有所回升，但主要依赖部分原材料行业回升带动，国内经济企稳基础仍需夯实。中国上半年货币政策支持实体经 济效果比较明显。2025年6月末，广义货币(M2)余额330.29万亿元，同比增长8.3%，比上月高0.4个百分点，比上年 同期高2.1个百分点。6月，中国社融增量4.2万亿元，新增人民币贷款2.24万亿元，6月，M2-M1剪刀差为3.7个百分 点，较5月的5.6个百分点缩小1.9个百分点。中国6月出口（以美元计价）同比增长5.8%，增速较前值上升1%，其 中出口增长较快的行业包括集成电路、船舶、汽车等，6月对美出口降幅收窄，对美出口金额比重占出口总额的比 重有所回升，主要是因为中美贸易缓和促进对美出口恢复；中 ...

Core Insights - China's total goods trade import and export value reached 21.79 trillion yuan in the first half of the year, marking a year-on-year growth of 2.9%, with exports at 13 trillion yuan, up 7.2%, and imports at 8.79 trillion yuan, down 2.7% [1][3] - The trade with countries involved in the Belt and Road Initiative accounted for 51.8% of total trade, with a value of 11.29 trillion yuan, reflecting a growth of 4.7% [1][10] - The diversification strategy in markets has shown significant results, with exports of high-tech products playing a crucial role in enhancing competitiveness [1][6] Trade Performance - In Q2, the total import and export value grew by 4.5% year-on-year, with June seeing a record monthly trade value of 3.85 trillion yuan, a 5.2% increase [5] - Exports of mechanical and electrical products reached 7.8 trillion yuan, growing by 9.5% and accounting for 60% of total exports [5][6] - The import of high-end equipment and electronic components has increased, reflecting the demand for advanced technology in China's manufacturing sector [8][12] Market Diversification - Trade with the U.S. saw a decline, with total trade value dropping by 9.3% to 2.08 trillion yuan, but recent talks have led to signs of recovery [9][10] - China's trade with over 190 countries and regions has increased, with 61 partners exceeding 50 billion yuan in trade, indicating a more diversified trade network [10][12] - The growth in trade with ASEAN and other emerging markets demonstrates the effectiveness of China's market diversification strategy [10][11] Foreign Investment - Foreign enterprises contributed significantly to China's trade, with their import and export value reaching 6.32 trillion yuan, a 2.4% increase [12] - The number of foreign enterprises engaged in trade reached 75,000, the highest since 2021, indicating a robust foreign investment environment [12] - Foreign companies are focusing on long-term development, with a notable increase in the import of high-end equipment and R&D goods [12][14] Future Outlook - The focus for the second half of the year will be on stabilizing traditional markets and expanding into emerging markets along the Belt and Road [12][14] - Recommendations include enhancing regional cooperation, optimizing import structures, and fostering new trade models such as cross-border e-commerce [13][14] - Emphasis on technological self-reliance and improving bargaining power in key sectors is crucial for sustaining trade growth [14]

Core Viewpoint - China's foreign trade maintained stable growth in the first half of the year, with a total import and export value of 21.79 trillion yuan, a year-on-year increase of 2.9% [1][3]. Group 1: Import and Export Scale - In the first half of the year, China's import and export scale stabilized at over 20 trillion yuan, marking a historical high for the same period [2][3]. - The total import and export value increased by over 600 billion yuan compared to the same period last year, with a second-quarter growth rate of 4.5%, accelerating by 3.2 percentage points from the first quarter [3]. Group 2: Export Performance - The export scale exceeded 13 trillion yuan for the first time in history, achieving a year-on-year growth of 7.2% [4][5]. - High-tech product exports grew by 9.2%, with significant increases in exports of high-end machine tools, ships, and marine engineering equipment [5]. Group 3: Import Trends - Total imports amounted to 8.79 trillion yuan, a year-on-year decrease of 2.7%, influenced by international trade policy uncertainties and falling commodity prices [6][7]. - The import of high-end machine tools and electronic components saw accelerated growth in the second quarter, indicating a recovery in domestic demand [7][8]. Group 4: Private Enterprises' Role - Private enterprises led foreign trade with a total import and export value of 12.48 trillion yuan, a year-on-year increase of 7.3%, accounting for 57.3% of China's foreign trade [9][10]. - The number of enterprises with export performance continued to increase, with private enterprises showing strong growth in high-tech product exports [10]. Group 5: Foreign Investment Enterprises - Foreign investment enterprises achieved an import and export value of 6.32 trillion yuan, a year-on-year increase of 2.4%, marking five consecutive quarters of growth [11][12]. - The number of foreign investment enterprises with import and export performance reached 75,000, the highest since 2021 [13]. Group 6: Sino-US Trade Relations - In the first half of the year, trade with the United States saw a total value of 2.08 trillion yuan, a year-on-year decrease of 9.3%, with exports declining by 9.9% [14][15]. - Recent trade talks have led to a recovery in Sino-US trade, with June's trade value showing improvement compared to May [15]. Group 7: Cross-Border E-commerce - Cross-border e-commerce imports and exports reached approximately 1.32 trillion yuan, a year-on-year increase of 5.7%, with exports growing by 4.7% [16][17].

Core Viewpoint - Despite a complex international environment, China's foreign trade demonstrates strong resilience, with a notable increase in both exports and imports in the first half of 2025, reflecting a year-on-year growth of 2.9% in total trade volume [1][3]. Trade Performance - In the first half of 2025, China's total goods trade reached 21.79 trillion yuan, with exports growing by 7.2% and imports by 2.3% [1]. - The trade volume has remained above 10 trillion yuan for nine consecutive quarters, with an increase of over 600 billion yuan compared to the same period last year [3]. - In June 2025, the total trade volume was 3.85 trillion yuan, marking a 5.2% increase year-on-year, with exports at 2.34 trillion yuan and imports at 1.51 trillion yuan [3]. Market Diversification - China has expanded its trade relationships, achieving growth in exports and imports with over 190 countries and regions, including a significant increase in trade with emerging markets such as Africa and Central Asia [3][4]. - Trade with Africa reached 1.18 trillion yuan, growing by 14.4%, while trade with Central Asia increased by 13.8% to 357.2 billion yuan [3]. U.S.-China Trade Dynamics - U.S.-China trade saw a decline in the second quarter of 2025, with a year-on-year drop of 20.8%, but there are signs of recovery following recent trade talks [4][5]. - In the first half of 2025, trade with the U.S. decreased by 9.3%, with exports down by 9.9% and imports down by 7.7% [5]. High-Tech and E-commerce Growth - High-tech product exports grew by 9.2%, with significant increases in sectors such as industrial robots and renewable energy equipment [7]. - Cross-border e-commerce imports and exports reached approximately 1.32 trillion yuan, reflecting a year-on-year growth of 5.7% [9]. Business Confidence and Foreign Investment - Confidence among export and import enterprises has been rising, with the number of exporting companies increasing steadily over the years [11]. - In the first half of 2025, foreign-invested enterprises' trade volume reached 6.32 trillion yuan, marking a 2.4% increase [12]. - The number of foreign-invested enterprises with trade performance reached 75,000, the highest since 2021, indicating a strong interest in the Chinese market [13].

21世纪经济报道记者李莎 北京报道 据海关统计，今年上半年，我国货物贸易进出口21.79万亿元，同比 增长2.9%。其中，出口13万亿元，增长7.2%；进口8.79万亿元，下降2.7%。 海关总署副署长王令浚表示，上半年我国外贸规模稳定增长，外贸"朋友圈"更加多元，出口动能向优向 新，内需扩大带动进口趋稳，外贸经营主体活力不断释放。但也要看到，全球单边主义、保护主义上 升，外部环境的复杂性、严峻性、不确定性增加，下半年我国外贸稳增长仍需要付出艰苦努力。 信号1、上半年进出口规模站稳20万亿元台阶 记者从发布会上获悉，上半年我国进出口规模站稳20万亿元台阶，创历史同期新高。我国进出口已连续 9个季度保持在10万亿元以上，今年上半年进出口比去年上半年增加了6000多亿元。 分季度来看，二季度进出口同比增长4.5%，增速较一季度加快3.2个百分点，连续7个季度保持同比增 长。 进入6月，进出口、出口、进口这三项指标同比全部实现正增长，而且增速都在回升。具体看，6月进出 口规模3.85万亿元，增长5.2%，是历史上月度进出口规模的第二高位。其中，出口2.34万亿元，增长 7.2%，电子元件、船舶等增长较快；进口1.5 ...

Core Viewpoint - In the first half of 2023, China's goods trade showed resilience with a total import and export value of 21.79 trillion yuan, reflecting a year-on-year growth of 2.9% despite challenges in the international trade environment [1][6]. Trade Performance - China's total goods trade in the first half of the year reached 21.79 trillion yuan, with exports amounting to 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [1]. - In June, the trade volume reached 3.85 trillion yuan, marking a 5.2% increase year-on-year, with exports at 2.34 trillion yuan (up 7.2%) and imports at 1.51 trillion yuan (up 2.3%) [7]. Trade with Specific Regions - Trade with the European Union amounted to 2.82 trillion yuan in the first half, a 3.5% increase, averaging over 15 billion yuan daily [2]. - Trade with the United States saw a decline, with total trade value at 2.08 trillion yuan, down 9.3%, driven by a 9.9% drop in exports [8]. Private Sector Performance - Private enterprises in China recorded a total import and export value of 12.48 trillion yuan, a 7.3% increase, accounting for 57.3% of the country's foreign trade [3]. Factors Affecting Imports - The decline in import growth was attributed to uncertainties in international trade policies and a drop in commodity prices, with significant decreases in the average import prices of crude oil, iron ore, and soybeans [4]. Tariff Policies - China plans to implement zero tariffs for 53 African countries, aiming to enhance trade relations and support mutual development [5]. Market Resilience - Despite facing external uncertainties, China's foreign trade has maintained strong resilience, with a continuous operation above 10 trillion yuan for nine consecutive quarters [6][10].