Core Viewpoint - China's exports showed resilience in June, with a year-on-year increase of 5.8% in USD terms, surpassing Citigroup's forecast of 3.3% and market consensus of 5% [1][2]. Export Growth Factors - The growth in exports is attributed to the easing of US-China trade tensions and strong demand from non-US markets, with expectations for continued resilience in the second half of the year [2]. - Exports to ASEAN increased by 16.8%, with Thailand and Vietnam exceeding 20%, contributing nearly half of the overall growth [5]. - Exports to Africa maintained a high growth rate of 34.8%, serving as a key driver [5]. Product Performance - Automotive exports surged by 23.1%, while integrated circuit exports slowed to 24.2%, still holding the largest contribution share [7]. - Mechanical and electrical products grew by 8.2%, and labor-intensive products rebounded to 0.4% [7]. - The performance is supported by re-export trade to the US, supply chain extensions to ASEAN, new demand from Belt and Road countries, and Africa, alongside China's export competitiveness [7]. Import Recovery - Imports increased by 1.1% year-on-year in June, marking the first positive growth this year, indicating a steady recovery in domestic demand [11]. - Major commodities like oil and coal dragged down imports, while integrated circuits and computers provided support, with integrated circuit imports accelerating to 11.5% [11]. - Imports from Japan surged by 10.8%, while imports from ASEAN saw a slight increase of 0.1%, with Indonesia and Thailand growing by 23.5% and 20.0%, respectively [13].