China's logistics market had ranked first in the world in terms of scale for nine consecutive years as of 2024, said the China Federation of Logistics and Purchasing in a report on Friday.
Last year, China's total social logistics value came at 360.6 trillion yuan (about 50.3 trillion U.S. dollars), a 5.8-percent expansion year over year, while the combined revenue of the industry reached 13.8 trillion yuan, according to the China Logistics and Supply Chain Development Report (2024-2025) issued by the federation.
China's courier sector delivered 175 billion parcels in 2024, up 20 percent from the previous year, securing its position as the world's largest parcel delivery market for 11 straight years.
The surge in express delivery volume was largely driven by demand for logistics services in the booming cross-border e-commerce sector, which registered 2.15 trillion yuan in export volume, a rise of 16.9 percent year on year.
China saw its international freight volume in 2024 grow 29.3 percent compared with the previous year.
Moreover, Chinese enterprises had built more than 2,500 overseas warehouses as of the end of 2024.
The ratio of social logistics cost to GDP, a key indicator reflecting cost efficiency of the sector, was 14.1 percent in 2024, down 0.3 percentage points from the previous year and hitting a record low, said the report.
Calculated based on China's GDP in 2024, the drop in the reading was equivalent to a reduction of more than 400 billion yuan (about 55.8 billion U.S. dollars) in logistics costs, the federation said.
China's policymakers identified lowering logistics costs as part of measures to spur growth at December's Central Economic Work Conference, with plans to launch special actions for that in 2025.
China's logistics market scale ranks first in world for 9 consecutive years: report
