Almost 80% of China’s Logistics Firms Report Falling Profits in First Five Months, Survey Shows

Almost 80% of China’s logistics companies saw their profits decline in the first five months, according to an industry survey, as weakening demand, rising costs and a cash crunch due to the effects of the Covid-19 pandemic continued to weigh.

This drop came as road freight volumes of more than 60% of respondents surveyed by the China Federation of Logistics and Purchasing nosedived by between 5% to 30% year-on-year between January and May, according to the report published on Tuesday by the industry group.