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China's logistics sector grows 5.9% in Q1 2024

05 May '24
1 min read
China's logistics sector grows 5.9% in Q1 2024
Pic: Adobe Stock

Insights

  • China's logistics sector grew by 5.9 per cent to 88 trillion yuan ($12.4 trillion) in Q1, according to the China Federation of Logistics and Purchasing.
  • The growth, which is 2 percentage points higher than last year, was led by an 11.6 per cent surge in consumer goods logistics.
  • Total sector revenue reached 3.1 trillion yuan, up 4.5 per cent year-on-year.
China's logistics industry experienced significant growth in the first quarter (Q1) of the year, according to a report from the China Federation of Logistics and Purchasing. The sector's social logistics, encompassing the movement of goods and services, increased by 5.9 per cent to 88 trillion yuan (approximately $12.4 trillion) compared to the same period last year.

This year's growth marks a notable improvement, with the rate accelerating by 2 per centage points over the previous year.

The growth was not uniform across all categories. Logistics linked to industrial products saw a 6 per cent rise, while logistics for consumer goods surged by 11.6 per cent. Imported goods also saw an increase, with logistics growing by 5.5 per cent, according to Chinese media reports.

The total revenue generated by the logistics sector in the first quarter reached 3.1 trillion yuan, representing a 4.5 per cent increase year-on-year.

ALCHEMPro News Desk (DP)
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