China's logistics demand sees stable growth amid industrial expansion

Beijing (ANTARA) - China’s logistics demand maintained steady growth in the first half (H1) of this year, supported by improved industry and resilient high-end manufacturing, according to official data released on Wednesday (29/7).

China’s total national social logistics value reached 181.1 trillion yuan (1 yuan = Rp2,672) in the January-June period, up 5.1 per cent year on year (yoy), exceeding gross domestic product (GDP) growth by 0.4 percentage points over the same period, according to data from the China Federation of Logistics and Purchasing.

“The structure of the country’s social logistics has undergone significant changes, with demand for logistics services from high-end manufacturing, advanced equipment and consumer-related sectors surpassing demand from traditional industries,” said Zhou Zhicheng, a spokesperson for the federation.

Industrial goods logistics grew 5.4 per cent (yoy) in H1. As China accelerates the development of new quality productive forces, logistics demand from the high-tech manufacturing and digital product manufacturing sectors rose by 13.3 per cent and 12.3 per cent respectively, outpacing overall industrial goods logistics growth by 7.9 and 6.9 percentage points respectively.

On the import side, shifting domestic demand and fluctuations in global commodity prices altered logistics demand. Imports of crude oil and steel fell by 11.4 per cent and 11.3 per cent respectively compared with a year earlier.

Conversely, imports of semiconductor manufacturing equipment and integrated circuits rose 20.4 per cent and 8.1 per cent, highlighting the resilience of logistics demand for intermediate goods used in high-end manufacturing, according to the data.