China's warehouse storage sector off to smooth start in 2024

BEIJING - China's warehouse storage industry got off to a smooth start in 2024, with development remaining in the expansion zone, industry data shows.

The index tracking the sector's development came in at 51.2 percent in January, edging down 0.4 percentage points month-on-month, according to a survey released by the China Federation of Logistics and Purchasing, and CMST Development Co Ltd.

A reading above 50 percent indicates expansion, while a reading below 50 percent reflects contraction.

China's warehouse storage sector continued its sound performance last month, said Wang Yong, vice-president of CMST Development, citing month-on-month increases in the sub-indices tracking inventories, charging prices and expectations for business activity in the sector.

The slight decrease in the sector's development index was mainly caused by slowed business activity during the off-season for bulk commodities, Wang said, noting that consumer goods generally performed well last month, boosted by holiday spending.