China's industrial logistics sector up 3.6% in Jan-May 2023: CFLP

03 Jul '23

1 min read

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China's industrial products logistics saw 3.6 per cent YoY growth between January-May 2023, accounting for 70 per cent of total social logistics.
Total social logistics increased 4.5 per cent YoY to 129.9 trillion yuan.
Despite challenges, the China Federation of Logistics and Purchasing expects the sector to grow as the economy normalises.

China's industrial products logistics has witnessed a year-on-year (YoY) growth of 3.6 per cent in the period between January and May, according to the latest data released by the China Federation of Logistics and Purchasing (CFLP). This growth rate was in line with that of the initial four months of the year, making up approximately 70 per cent of total social logistics.

In terms of total social logistics, the numbers climbed 4.5 per cent YoY, reaching 129.9 trillion yuan ($17.99 trillion) during the same January-May timeframe. The month of May alone saw a YoY rise of 4.8 per cent in social logistics.

Despite forthcoming challenges, the CFLP expressed optimism regarding the sector's growth potential, saying that Chinese logistics firms have demonstrated resilience and an increased ability to respond to market demand, said Chinese media reports quoting CFLP.

The CFLP predicts further improvements in the sector as the economy slowly returns to normalcy. The federation projects a 4.5 per cent rise in total social logistics for the first half of the year.

Fibre2Fashion News Desk (DP)

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