Citi(US:C)2025-08-31 16:21Summary of Key Points from the Conference Call Industry Overview - Industry: Chinese Exports and Cargo Throughput - Date of Data: Up to August 27, 2023 Core Insights 1. Export Trends to the US: - Exports to the US softened year-on-year despite the extension of the tariff truce. - Containership departures for the US declined by 20.2% YoY in the 15 days ending August 27, 2023. - US import bills for seaborne imports from China dropped by 31.3% YoY in the week ending August 23, 2023, indicating a weaker trend compared to the previous week [2][15]. 2. Overall Cargo Throughput: - The Ministry of Transport (MoT) reported a 9.6% YoY increase in cargo throughput for the week ending August 26, 2023, compared to 3.1% YoY a week earlier. - For the entire month of August, cargo throughput is expected to grow by 4.7% YoY, down from 10.9% YoY in July [3][6]. 3. Supply Chain Dynamics: - The minor weakness in US routes was offset by increased containership departures to other countries. - Anticipation of a supply chain reshuffle is expected to provide a boost, particularly with the peak season for consumer electronics approaching [3]. 4. Future Outlook: - Despite the current softness in exports to the US, the overall export growth is expected to remain positive in August, driven by factors such as supply chain adjustments and seasonal demand [3]. Additional Important Information - Tariff Differential: The narrowing of tariff differentials is seen as a potential benefit for China, although it may not significantly impact the current export trends to the US [2]. - Data Sources: The insights are derived from high-frequency trackers and reports from Citi Research, utilizing data from various sources including Bloomberg and CEIC [11][12]. This summary encapsulates the key points regarding the current state of Chinese exports, particularly to the US, and the overall cargo throughput trends, providing a comprehensive view of the industry dynamics as of late August 2023.