China's logistics demand steadily recovers in H1

BEIJING - Logistics demand in China has steadily recovered in the first half of the year as the country keeps COVID-19 under control, official data showed.

The total value of social logistics in the Jan-June period fell by 0.5 percent year-on-year to 123.4 trillion yuan ($17.67 trillion), according to the China Federation of Logistics and Purchasing (CFLP).

The drop narrowed from the 2.2-percent decline seen in the first five months.

In the first half of the year, total logistics costs stood at 6.5 trillion yuan, down by 4 percent year-on-year.

The logistics performance index for June came in at 54.9 percent, up by 0.1 percentage points month-on-month, according to the CFLP.

The composite index tracks business volumes, new orders, employment, inventory turnover, and equipment utility rates in China's logistics sector. A reading above 50 percent indicates expansion, while a reading below that reflects contraction.