China’s logistics industry sees 5.9% growth in Q1

China’s logistics industry has experienced a significant surge in growth during the first quarter of the year, as reported by the China Federation of Logistics and Purchasing. The sector’s social logistics, which encompasses the movement of goods and services, witnessed a remarkable increase of 5.9 percent, reaching a staggering 88 trillion Yuan (approximately $12.4 trillion) compared to the same period last year.

This year’s growth represents a notable improvement, with the growth rate accelerating by 2 percentage points over the previous year, indicating a robust performance in the industry despite global challenges.

However, the growth was not uniform across all categories. Logistics associated with industrial products observed a 6 percent rise, underlining the resilience of China’s manufacturing sector. Conversely, logistics for consumer goods surged even more, experiencing an impressive 11.6 percent increase, reflecting the robust domestic consumption trends in the country. Additionally, the logistics linked to imported goods also witnessed a healthy growth of 5.5 percent, according to reports from Chinese media sources.

The total revenue generated by the logistics sector in the first quarter reached an impressive 3.1 trillion Yuan, representing a 4.5 percent increase year-on-year. This surge in revenue underscores the vital role played by the logistics industry in facilitating economic activities and supporting China’s position as a global economic powerhouse.

The strong performance of China’s logistics industry in the first quarter signals resilience and adaptability amidst evolving market conditions, positioning it as a key driver of economic growth and stability in the country.