December 21, China’s logistics industry grew at a slower pace for the fifth consecutive month in November on the government’s efforts to rein in inflation and alter the economy, and rising costs, the China Federation of Logistics and Purchasing (CFLP) said on Wednesday.

The total value of China's logistics industry rose 12.5% year-on-year to RMB 146.3 trillion ($23.04 trillion) in the first 11 months, down from the 13.3% y-o-y growth recorded in the first 10 months, the CFLP said.

In the first 11 months, the logistics value of industrial products and imported goods rose 13.2% and 4.5%, respectively, from a year earlier, both down from the growth rates recorded in the January-October period, according to the CFLP.

Total spending on logistics services was still high, rising 18.5% to RMB 7.1 trillion in the same period, the paper said.

The CFLP attributed the decline in growth to the country's efforts to rein in inflation and economic structural adjustment.

China’s logistics firms have suffered from relatively high costs, as costs grew 31.7% from a year ago in the first 10 months of this year, higher than the 29.4% y-o-y growth in revenues over the same period, said the CFLP.

Profit margins for logistics enterprises’ major businesses also slid to 8.6% in the first 10 months, compared with 15.6% in the first 9 months of this year, the CFLP added.

Source:21cbh.com