Citi(US:C)2025-05-23 05:25Investment Rating - The report indicates a resilient overall export volume from China, with expectations for continued growth in exports through May [1][3]. Core Insights - Shipping to the US experienced a slight decline of 25.3% YoY in container departures for the 15 days ending May 21, down from a previous decline of 8.5% YoY [2][12]. - Despite the dip in US shipping, overall cargo throughput at Chinese ports grew by 3.3% YoY in the week ending May 18, slightly down from 4.2% YoY in the previous week [3][13]. - Non-US exports have been strong enough to offset the weakness in shipments to the US, indicating a broader resilience in China's export market [1][3]. Summary by Sections Export Performance - Container export volume from China turned positive at 4.2% YoY in the week ending May 16, compared to a previous decline of 2.0% YoY [9]. - Bills for seaborne imports from China contracted further, reflecting earlier weaknesses in departure data [2][14]. Shipping Trends - Freight fees for US routes have seen a slight increase, indicating potential upward pressure on shipping costs despite the decline in volume [2]. - The overall shipping environment remains resilient, with non-US markets compensating for the decline in US-bound shipments [3][1].