China's Social Logistics Rises 5% to 214.5 Trillion Yuan in First Seven Months

China's total social logistics expanded 5.0% year-on-year in comparable prices to reach 214.5 trillion yuan during the first seven months of the year, according to data from the China Federation of Logistics & Purchasing. Growth was led by a structural upgrade toward high-tech and equipment manufacturing, alongside resilient consumer and e-commerce delivery demand. However, import logistics growth moderated to 1.8%, and overall industry revenues grew at a slightly slower 4.5%, reflecting ongoing external volatility and weather-related disruptions.

The steady 5.0% growth in overall logistics value highlights macroeconomic resilience and confirms that industrial upgrading is gathering pace across high-end manufacturing. Rapid surges in logistics for integrated circuits and lithium batteries show that high-value sectors are reshaping the freight mix, though moderating import expansion and slim operational margins underscore persistent headwinds.

China's total social logistics reached 214.5 trillion yuan in the first seven months of the year, marking a 5.0% year-on-year increase in comparable terms, according to data released by the China Federation of Logistics & Purchasing and reported by state media. Industrial goods logistics, which forms the core of domestic freight volume, expanded 5.3% year-on-year over the seven-month period. Manufacturing demand remained the primary driver, growing 5.5% in July alone—outpacing total industrial logistics by 1.0 percentage point. High-tech manufacturing logistics experienced a notable surge, climbing 16.9% in July, an acceleration of 2.8 percentage points from June. This was propelled by significant output gains in integrated circuits (up 20.7%) and lithium-ion batteries (up 58.8%), which spurred demand for semiconductor materials, battery inputs, and smart hardware shipments. Equipment manufacturing logistics also posted double-digit growth, rising 12.3% year-on-year. In contrast, import logistics demonstrated more subdued growth. The total value of import logistics rose 1.8% year-on-year through July, slowing by 0.4 percentage points compared to the first half of the year, though high-tech and electromechanical imports maintained positive momentum. Consumption and household logistics grew 3.7% year-on-year during the first seven months, supported by e-commerce innovation and rural demand. Online physical goods retail expanded 4.6%, helping drive the July China E-commerce Logistics Index to 111.2 points, with total e-commerce delivery volumes up over 20%. Rapid-delivery and instant-retail models expanded, with online food sales rising 16.9% and warehouse club sales climbing over 25%. Lower-tier markets provided strong support: rural retail sales rose 2.4%, outpacing urban growth by 1.3 percentage points, while the rural e-commerce business index reached 126.5 points. Total logistics sector revenue reached 8.5 trillion yuan in the first seven months, up 4.5% year-on-year. The average Logistics Prosperity Index (LPI) stood at 50.0%, edging up 0.1 percentage points from the first half. Officials noted that while structural upgrades continue, transport operators faced lingering cost pressures in July due to global energy market volatility and domestic extreme weather.