Investment 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].

Investment Rating - The report indicates a positive outlook for overall exports in May, driven by the Phase 1.5 Deal between the US and China, suggesting a stabilization in shipping to the US [1]. Core Insights - Overall exports from China softened marginally into May, with container export volume dropping by 5.0% year-on-year during the week of May 3-9, down from high single-digit growth at the end of April [1][7]. - Cargo throughput at Chinese ports grew by 4.2% year-on-year in the week ending May 11, also a decrease from previously high single-digit growth [1][11]. - Shipping to the US stabilized and showed signs of recovery at the end of April, continuing into May, although the data post-May 12 did not reflect significant improvements [1]. - There is potential for further growth if the reported surge in shipping orders materializes in the data [1]. - Exports to non-US markets softened, and trade rerouting may temporarily halt following the Phase 1.5 Deal [1]. Summary by Sections Export Performance - Container export volume decreased by 5.0% year-on-year during the week ending May 9, compared to a previous growth of 9.8% year-on-year [7]. - Cargo throughput at ports increased by 4.2% year-on-year in the week ending May 11, down from 9.1% year-on-year previously [11]. Shipping Trends - Shipping to the US showed stabilization and a slight increase at the end of April, continuing into May, with a year-on-year increase of 14.6% in container departures for the US during the 15 days ending May 13 [10]. - The data indicates that shipping orders may increase, which could positively impact future export volumes [1].