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China's logistics industry grows 5.3% YoY in H1 2023

31 Jul '23
1 min read
Pic: Shutterstock/Ground Picture
Pic: Shutterstock/Ground Picture

Insights

  • China's logistics industry showed a strong recovery in H1 2023, with total revenue rising by 5.3 per cent to 6.3 trillion yuan.
  • Social logistics grew by 4.8 per cent, and industrial product logistics rose by 3.8 per cent YoY.
  • Despite potential challenges, the China Federation of Logistics and Purchasing remains optimistic about the sector's annual growth.
China’s logistics industry maintained its recovery momentum in the first half (H1) of 2023 accompanied by a small jump in market demand. The total revenue of the logistics industry saw a rise of 5.3 per cent year-on-year (YoY), resulting in 6.3 trillion yuan during the given period, industry data revealed.

During this period, social logistics witnessed an increase of 4.8 per cent YoY, amounting to a value of 160.6 trillion yuan (about $22.51 trillion). The logistics for industrial products experienced a growth of 3.8 per cent YoY, a figure that is 0.8 percentage points higher than the first quarter, according to data from the China Federation of Logistics and Purchasing.

Despite foreseen challenges, the federation expressed confidence in the growth prospects for the logistics sector for the entire year, highlighting its massive potential and robust resilience.

ALCHEMPro News Desk (NB)
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