China's annual social logistics value hits 360.6 trln yuan in 2024

BEIJING -- China's total social logistics value rose 5.8 percent year-on-year to 360.6 trillion yuan (about $50.28 trillion) in 2024, data from the China Federation of Logistics and Purchasing showed Tuesday.

Industrial logistics, the main driver of the overall growth, rose by 5.8 percent to reach 318.4 trillion yuan. High-tech products, including integrated circuits, reported a logistics volume growth exceeding 15 percent.

The ratio of social logistics costs to GDP fell to 14.1 percent, a decrease of 0.3 percentage points compared to 2023, reflecting improved efficiency.

The reduction in costs is attributed to the upgrading and improvement of logistics infrastructure, as well as the optimization and enhancement of the logistics structure.

By the end of 2024, the country had built 151 national logistics hubs and over 2,500 overseas warehouses. It also opened 168 new international cargo flight routes in 2024.

"Logistics infrastructure upgrades and optimized networks have boosted resource allocation and cross-border connectivity," said Hu Han, an official with the China Logistics Information Center.

Hu said that China's economy is fundamentally solid, resilient, and full of potential, providing strong support for the long-term development of its logistics industry.