China’s logistics sector witnessed stable growth in the first quarter (Q1) of 2023, with the industry reporting a rise in social logistics and total revenue, as per an industry report. Social logistics rose by 3.9 per cent year-on-year (YoY) to 84.3 trillion yuan (about $12.21 trillion) during the period from January to March.

The growth of the country’s social logistics was driven by an increase in the logistics for industrial products, which climbed by 3 per cent YoY, according to a report released by the China Federation of Logistics and Purchasing.

In addition, the total revenue of the logistics industry saw a YoY increase of 6.7 per cent, reaching nearly 3 trillion yuan during the same period.

Social logistics in China rose by 3.4 per cent YoY to 347.6 trillion yuan (about $50.4 trillion) in 2022. Logistics for industrial products climbed by 3.6 per cent YoY last year.

In the Chinese context, 'social logistics' often refers to a specific aspect of the logistics industry that deals with the flow and storage of goods and services within society. This concept encompasses the entire supply chain, including transportation, warehousing, distribution, and information flow. Social logistics in China aims to improve the efficiency, reliability, and cost-effectiveness of goods and services distribution, which in turn contributes to the overall economic growth and social welfare of the country.

Fibre2Fashion News Desk (NB)

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China's social logistics in Q1 2023 surges to $12.21 trn

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