China's logistics demand steadily recovers in H1

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 (about 17.67 trillion U.S. dollars), 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.