China H1 Logistics Tops 181 Trillion Yuan Amid High-Tech Structural Shift

China's total social logistics reached 181.1 trillion yuan in the first half of the year, expanding 5.1% year-on-year and outstripping national GDP growth by 0.4 percentage points. According to data released by the China Federation of Logistics and Purchasing, expansion was spearheaded by high-tech manufacturing and digital products, while total social logistics costs fell to 13.9% of GDP. Freight indicators across rail, civil aviation, and express parcel delivery showed steady gains, pointing to an ongoing structural transition toward higher value-added goods and low-carbon supply chains.

The total social logistics volume exceeding 181 trillion yuan with a growth rate surpassing GDP indicates robust logistical support for macro-economic operations. More importantly, rapid growth in high-end manufacturing, green recycling, and digital product logistics confirms that China's transition between old and new economic drivers is accelerating, accompanied by ongoing industrial upgrading.

China’s total social logistics volume reached 181.1 trillion yuan in the first half of the year, expanding 5.1% year-on-year at comparable prices and outstripping the country’s GDP growth by 0.4 percentage points, according to data from the China Federation of Logistics and Purchasing. The figures highlight a broader structural transformation within the economy. By quarter, logistics total volume grew by 6.2% in the first quarter and 4.4% in the second quarter. Total revenues across the logistics industry reached 7.2 trillion yuan, up 4.7% year-on-year. Industrial logistics, which makes up the bulk of activity, expanded 5.4% overall during the six-month period. However, growth was highly uneven across sectors. While demand in traditional industrial fields remained subdued, high-tech manufacturing and digital product manufacturing posted robust gains of 13.3% and 12.3% year-on-year, respectively. Import logistics also reflected shifting industrial priorities. Imports of bulk commodities slowed, with crude oil and steel import volumes dropping 11.4% and 11.3% year-on-year. Conversely, imports of high-end intermediate products showed strong resilience, as semiconductor manufacturing equipment imports surged 20.4% and integrated circuit imports increased 8.1%. Liu Yuhang, director of the China Logistics Information Center, noted that strong demand for industrial upgrade products helped offset the decline in commodity imports. Transport metrics across major channels maintained steady expansion. National railways handled 2.015 billion tonnes of freight, up 1.8% year-on-year, while civil aviation freight volume rose 6% to 5.073 million tonnes. Express parcel volume reached 100.38 billion pieces, representing a 5% increase and generating 771.41 billion yuan in revenue (up 7.3%). Logistics for resident and unit goods grew 3.8%, supported by a 4.8% rise in online retail sales of physical goods. Meanwhile, efficiency gains led to lower operating overheads. Total social logistics costs stood at 9.6 trillion yuan, up 4.6% year-on-year. The ratio of social logistics costs to GDP dropped to 13.9%, down 0.1 percentage points from both the first quarter and the same period last year. Additionally, renewable resource logistics grew 5.4% year-on-year, driven by industrial solid waste utilization and battery recycling initiatives.