China's logistics sector sees incremental growth of total revenue

The growth rate of the total revenue of China's logistics sector has increased for three consecutive months as of November, as industrial demand rebounds ensured stable and rising vitality in the industry, according to data released by the China Federation of Logistics and Purchasing on Sunday.

From January to November, the total revenue of the logistics industry stood at 12.5 trillion yuan (about 1.71 trillion U.S. dollars), up 4 percent year on year, which is 0.2 percentage points higher than the growth rate of the Jan-Oct period, the data showed. The revenue growth quickened for the third consecutive month in November.

The business volume indexes for more than 80 percent of the logistics sub-sectors were in the expansion zone, with those for railway, e-commerce, express delivery and the warehousing industry picking up.

In November, the average daily loadings of the state railway reached a record 194,000 cars.

In the month, China's e-commerce logistics sector handled 17.21 billion parcels, a year-on-year increase of 14.9 percent.

In the first 11 months of the year, various links of the logistics sector maintained stable operation, with the structure optimized and cross-modal integration deepened.

The freight volume of raw materials and bulk commodities rebounded significantly in the period.

In November, the proportion of railway and water transportation increased by 0.2 percentage point from the same period last year.

In the meantime, intermodal transport such as rail-water freight and road-rail freight has developed rapidly.

"Thanks to the development of new quality productive forces, transportation has gradually become more intensive, with larger-scale organizations and chain store management. The core objective is to effectively reduce logistics costs in the society and fully utilize social resources," said Zhou Wei, a researcher at the Research Institute of Highway of the Ministry of Transport.

So far, more than 3,000 online freight platforms across the country have used digital technologies to reduce costs and improve efficiency, according to Zhou Zhicheng, director of the Research Office of the China Federation of Logistics and Purchasing.

"Some central enterprises and state-owned enterprises have established supply chain innovation platforms. We hope to have more data and bring together data from railways, ports and the customs on the internet to make better use of data resources and better empower real economy," Zhou said.

China's logistics sector sees incremental growth of total revenue

China's logistics sector sees incremental growth of total revenue

The spillover effects of the ongoing Middle East conflict have driven up commodity prices in Ethiopia, taking a heavy toll on people's daily life, especially for the low-income population.

With U.S.-Israeli joint military strikes on Iran now exceeding one month and no clear resolution in sight, the economic aftershocks are spreading far beyond the Middle East.

As part of its response to U.S. and Israeli operations, Iran has restricted navigation through the Strait of Hormuz, targeting ships associated with the United States and Israel. The blockade of this vital global energy route has driven up oil and gas prices worldwide.

In Addis Ababa, the Ethiopian capital, long queues of vehicles could be seen at gas stations waiting for fuel. Prices of other goods are also on the rise.

"The prices of goods are going up every day. If the conflict continues, life will become very hard, especially for people with low incomes," said Zeynu Yelma, a shop owner.

Beyond rising living costs, the surge in prices has also hit the local construction industry.

"Over the past two weeks, the prices of building materials have risen sharply, severely affecting our work. The price of cement has nearly doubled. Sand and gravel costs continue to rise. The price of steel has also surged. If this trend continues, I'm afraid our work may have to stop," said Yetbarek Workenhe, manager of a construction site.

Although local authorities have been working to secure supplies, provide subsidies, and prioritize public services, the severe international situation continues to widen the supply gap.

Spillover effects of Middle East conflict push up prices in Ethiopia