中国出口追踪_美中贸易再现试探性底部-China Export Tracker (29)_ Another Tentative Bottom for US-China Trade

Summary of Key Points from the Conference Call Industry Overview - Industry: US-China Trade and Chinese Exports - Key Focus: Trends in Chinese exports to the US and overall cargo throughput Core Insights and Arguments - Tentative Bottom for Exports: Chinese exports to the US appear to have reached another tentative bottom, with recent weeks showing stabilization in both containership departures and US import bills for seaborne imports from China [2][3] - Year-on-Year Changes: Containership departures for the US contracted by -23.3% YoY in the 15 days ending November 19, while the contraction in import bills for seaborne imports narrowed to -2.4% YoY in the week ending November 16 [2][10] - Overall Cargo Throughput: Cargo throughput from the Ministry of Transport (MoT) grew by 0.4% YoY in the week ending November 16, a decline from 4.2% YoY a week prior [3][7] - Container Export Volume: Container export volume from PortWatch/IMF contracted by -11.8% YoY in the week ending November 14, compared to a growth of +24.9% YoY a week earlier [3][11] - Future Outlook: There is an expectation that export growth could turn positive in low single digits following the contraction observed in October [3] Additional Important Information - Base Effect Distortion: The year-on-year changes in both containership departures and import bills have been significantly distorted by the base effect, complicating the interpretation of current trends [2] - Analyst Contact Information: Analysts involved in the report include Xiangrong Yu, Xinyu Ji, and Yuanliu Hu, with contact details provided for further inquiries [4] - Citi Research Disclaimer: Investors are advised to consider potential conflicts of interest and the objectivity of the report, as Citi Research may have business relationships with companies covered in the report [4][16]