China's total social logistics volume up 5.7% year-on-year in Jan-March: Chinese report

The China Logistics Purchasing Federation recently released the logistics operation data for the first quarter of this year (January to March). The total social logistics amount nationwide in the first quarter was 91 trillion forma (about 181 trillion yen), up 5.7% from the same period last year.
The growth rate was 0.4 percentage points higher than in January and February. The total logistics value of industrial products increased by 5.9%, accounting for more than 80% of the total social logistics value, and logistics demand is still on the rise.
The effects of various policies are continuing to be seen. Due to large-scale equipment renewal policies, logistics demand related to the manufacture of general-purpose equipment and specialized equipment increased by 9.4% and 4.1%, respectively, compared to the same period last year.
In addition, due to the consumer goods replacement policy, logistics demand related to retail sales of communication equipment, home appliances, audiovisual equipment, and furniture increased by 26.9%, 19.3%, and 18%, respectively.
During the same period, total revenue from the logistics industry increased 5.0% to 3.3 trillion yen (approximately 65.8 trillion yen), with the growth rate increasing 0.2 percentage points from January-February.
Total social logistics costs in the first quarter were 4.5 trillion former (approximately 89.7 trillion yen), accounting for 14.1% of GDP, down 0.3 percentage points from the same period last year.
This means that logistics costs per 10,000 formers of GDP were 1,410 formers (approximately 28,000 yen), down 30 formers (approximately 600 yen) from the same period last year.