Citi(US:C)2025-06-09 01:42Investment Rating - The report forecasts exports to grow approximately 4% YoY in May despite tariff shocks [1][3]. Core Insights - China's shipping activities have shown resilience, with a narrowing contraction in containership departures for the US, from -32.9% YoY to -14.8% YoY in the 15 days ending June 4 [2][13]. - Overall cargo throughput in China remained steady, with a reported 4.8% YoY increase in cargo throughput volume for the week ending June 1, slightly down from 5.4% YoY the previous week [3][14]. - Container exports volume continued to exhibit double-digit growth, recorded at 12.3% YoY for the week ending May 30, although this was a decrease from 15.5% YoY a week prior [3][9]. Summary by Sections Export Trends - Exports to the US are experiencing a shallow rebound ahead of summer, but still face tariff impacts and increased volatility [2]. - US import bills from China for seaborne routes have declined significantly, down 38.8% YoY in the week ending May 31 [2][8]. Cargo Throughput - The Ministry of Transport (MoT) reported a 4.8% YoY increase in overall cargo throughput volume, indicating continued expansion in shipping activities [3][14]. - The growth in container exports volume per PortWatch/IMF was noted at 12.3% YoY, reflecting ongoing strength in the sector [3][9]. Container Departures - The contraction in container departures from China to the US has narrowed, indicating a potential recovery in shipping activities [2][13].