Home » Logistics Demand Rebounds and Stabilizes: A Market Analysis from January to August 2023

Logistics Demand Rebounds and Stabilizes: A Market Analysis from January to August 2023

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Logistics demand in China has stabilized and rebounded, signaling the release of market vitality, according to a logistics operation analysis conducted from January to August 2023 by the China Federation of Logistics and Purchasing and the China Logistics Information Center.

The analysis reveals that effective macroeconomic control policies and measures introduced in August have accelerated the recovery of the national economy. As a result, the main indicators of logistics have simultaneously recovered and stabilized. The total social logistics volume nationwide reached 216.4 trillion yuan during the January to August period, representing a year-on-year increase of 4.8%. In August, the growth rate increased to 5.2%, indicating a positive trend.

From a structural perspective, the analysis highlights improvements in production and consumption in various fields. The recovery of logistics demand is driven by innovation-driven and industrial upgrading. Industrial production has accelerated, with logistics demand in key areas experiencing significant growth. The total amount of industrial product logistics increased by 3.9% year-on-year during the January to August period and by 4.5% in August. Manufacturing logistics saw a growth rate of 5.4% in August, driven by the digital economy and green economy.

Consumer demand has remained strong during the summer, with logistics demand in areas such as catering and retail trades experiencing rapid growth. The logistics volume of catering-related businesses grew by more than 10% in August, while China’s e-commerce logistics business volume saw a growth rate of more than 20%.

Furthermore, the analysis reveals improvements in domestic demand and the rebound of imported logistics. The total import logistics volume during the January to August period increased by 14.4% year-on-year, with a significant increase of 18.4% in August. This growth is attributed to the recovery in domestic demand, particularly in the imports of raw materials. However, the import volume of mechanical and electrical products has slowed down due to factors such as the substitution of domestic products in certain fields.

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The development momentum of green logistics has also been positive. Driven by favorable policies, cost reduction, and efficiency improvement, the construction of new energy vehicle infrastructure has accelerated, meeting the energy supply needs of urban distribution vehicles. The new energy heavy truck market saw a year-on-year sales increase of nearly 60% in August.

The analysis also highlights the maintenance of supply resilience and the efficient turnover of the industrial chain. The total revenue of the logistics industry during the January to August period increased by 4.7% year-on-year. Warehousing turnover services remained efficient, improving the connection between production and sales. The market vitality in key areas has been released, with private enterprises contributing significantly to the logistics industry.

While logistics has generally maintained a recovery trend, the analysis emphasizes the need to consolidate the foundation for recovery and address challenges such as fluctuations in upstream demand, increasing competition pressure, and industry transformation and adjustment. The industry remains in a state of oversupply, and the supply structure needs to be optimized. Additionally, the profits of most logistics companies continue to face pressure, although the easing of raw material prices has provided some relief. Overall, the logistics sector is expected to continue its recovery, supported by effective policies and measures.

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