According to the Futu News app, the China Federation of Logistics and Purchasing and JD.com (09618) jointly released the China e-commerce logistics index for July 2024, which was 114.1 points, down 0.7 points from the previous month. Among the sub-indexes, the satisfaction rate index and the actual load rate index both improved, while the total business volume index, rural business volume index, inventory turnover rate index, logistics efficiency index, performance index, personnel index, and cost index all declined slightly.

The total business volume index of e-commerce logistics decreased. In July, the total business volume index of e-commerce logistics was 130.2 points, down 2.7 points from the previous month. In terms of region, the total business volume index in the eastern, central and western regions all fell, with the eastern and central regions experiencing larger declines. However, the total business volume index in the central region exceeded the national average, reaching 131.1 points.

The business volume index of rural e-commerce logistics decreased slightly. In July, the business volume index of rural e-commerce logistics was 129.5 points, down 2.6 points from the previous month. In terms of region, the rural business volume index in the eastern, central and western regions all declined, with the largest decline in the eastern region. However, the total business volume index in the eastern region exceeded the national average, reaching 130.2 points.

The satisfaction rate of e-commerce logistics continues to rise, and the actual load efficiency of trunk transportation is good. In July, the satisfaction rate index was 102.5 points, rising for the 5th consecutive month. The actual load rate index increased by 0.5 points compared to the previous month, reaching a historical high of 117.5 points in February of this year. Against the backdrop of slowing demand, e-commerce logistics companies have continuously improved their delivery service quality by optimizing delivery resources.

The inventory turnover rate, personnel, logistics efficiency and performance indexes all declined slightly, while the cost index remained stable with a slight decrease. In July, due to extreme weather such as high temperature and heavy rainfall in some regions, the logistics efficiency and performance index declined by 0.5 points and 0.2 points respectively. At the same time, with the seasonal decline in demand, the inventory turnover and personnel indexes of enterprises fluctuated slightly, down 0.1 points and 0.3 points respectively from the previous month. The cost index decreased by 0.3 points from the previous month, but the operating cost level remained high.

With large-scale e-commerce promotional activities temporarily ending, e-commerce logistics demand in July experienced a seasonal decline, down 0.7 points from the previous month, consistent with expectations. From the demand side, e-commerce logistics demand has significantly declined due to the concentrated release of e-commerce consumption in the previous period and the rise in prices of some network commodities this month. The total business volume index and rural business volume index respectively fell by 2.7 and 2.6 points, with the decline similar to that of previous years. However, the year-on-year growth rate of business volume in July remained around 30%, and the trend of demand growth has not changed.

From the supply side, affected by the slowdown in demand, the inventory turnover rate index fell slightly. At the same time, in July, extreme heavy rainfall and high temperature occurred in some parts of China, with the national average temperature reaching the highest level since 1961 and the average precipitation reaching the third-highest level since 1961. Faced with extreme weather, governments in many regions actively deployed delivery safety production work, while e-commerce logistics companies adopted measures such as early warning and preparation, optimization of delivery routes, intelligent scheduling and coordination, and ensuring the safety of delivery staff to fully ensure the smooth flow of logistics. Logistics efficiency, performance rate, and personnel index only had a small decline, while the satisfaction rate and actual load rate index both increased compared to the previous month, indicating that the pressure resistance ability of e-commerce logistics enterprises in complex weather environments has further strengthened.

Overall, although the e-commerce logistics index for July showed a seasonal decline, it has remained above 114 for two consecutive months, and the year-on-year growth rate of physical commodity online retail sales in the first half of the year was 8.8%. The trend of the steady recovery of the e-commerce logistics market has not changed. It is expected that the e-commerce logistics index for August will stabilize after the fall.