China alt-data trackers chartpack (Series 57): Exports still the bright spot, oil supply recovery limited

Research evidence excerpt

China alt-data trackers chartpack (Series 57): Exports still the bright spot, oil supply recovery limited

J P M O R G A N Asia Pacific Economic Research

16 June 2026

China alt-data trackers chartpack

(Series 57)

Exports still the bright spot, oil supply recovery limited

April domestic activity weakness tilted 2Q growth risks to the downside. Incoming Emerging Markets Asia, Economic

May data have been mixed, with trade beating expectations but credit demand and Policy Research

remaining soft. May–June data will be key to recalibrating 2Q growth momentum. Tingting Ge

While we await May domestic hard-activity indicators, we update our alt-data (852) 2800-0143

trackers (vs. our last update) and our key takeaways are below. tingting.ge@jpmorgan.com

Jiayi Li

• Exports: Port tracking shows departing container (+8.9%) and bulk (+10.8) (852) 2800-5229

shipping deadweight tonnage both increased m/m nsa mtd in June. Annual jiayi.c.li@jpmorgan.com

growth held up further. In aggregate, departing shipments deadweight tonnage Tongfang Yuan

(excluding tankers) rose 17.9%oya mtd in June (vs. 7.7% in May), suggesting (852) 2800-0085

volume growth is picking-up alongside recent price gains. Oil tanker arrivals tongfang.yuan@jpmorgan.com

remained subdued mtd in June, at a similar level to May. Feng Zhu

• CCFI to USEC, USWC rose 6.5%, 9.1%, respectively, compared to two weeks (852)feng.zhu@jpmorgan.com2800 1745

ago; CCFI to the Persian Gulf/Red Sea route increased by another 8.6%. JPMorgan Chase Bank, N.A., Hong Kong Branch

• China’s domestic and int’l flight cancelation rate remained elevated.

• Production: Processed crude oil production contraction may have deepened

in May, with further decline in June (vs -5.8%oya in April) as petroleum asphalt

plants’ operating rates declined further.