AI Data Insight
China's newly released cumulative year-over-year growth rate of import freight volume for June 2026 dropped to 1.65%, further narrowing from the previous 2.20% and marking a weak trend of six consecutive months of decline since the beginning of this year. Although the import value surged during the same period, driven by AI chips and defensive restocking, the physical freight data highlights the sluggishness in domestic consumption and the housing market. The market is concerned that if external tariff pressures escalate in the future, sluggish domestic demand will become the biggest hidden worry for the medium-term economy.