China's logistics sector sees 5.2% YoY growth in August 2023

06 Oct '23

1 min read

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Insights

China's logistics sector continued its recovery in August 2023, driven by broad-based demand and supportive policies.
The value of social logistics increased by 5.2 per cent YoY in August.
Particular growth in logistics for industrial products was noted, which rose 4.5 per cent, and a significant jump in imported goods logistics at 18.4 per cent.

China’s logistics sector witnessed continued recovery in August 2023, supported by broad-based demand and policy incentives, as per an industry report. The value of social logistics rose by 5.2 per cent year-on-year (YoY) in August, marking a steady climb for the industry.

During the first eight months of 2023, social logistics increased by 4.8 per cent YoY, reaching 216.4 trillion yuan (around $30 trillion). This growth rate was a slight 0.1 percentage point uptick compared to the first seven months of the year, according to an industry report by the China Federation of Logistics and Purchasing.

In a more detailed analysis, the federation noted that logistics for industrial products grew by 4.5 per cent YoY in August. Remarkably, logistics for imported goods saw a sharp increase, climbing 18.4 per cent compared to the same period last year.

Total revenue for the logistics sector also showed positive signs, rising 4.7 per cent YoY to 8.7 trillion yuan during the first eight months of the year.

Although the federation stated that the current recovery in social logistics is not robust enough, it expressed optimism that activities in the sector are expected to improve steadily in the fourth quarter as demand continues to rise.

Fibre2Fashion News Desk (NB)

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