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Social logistics in Hainan grow 22.43% in 2021

The average growth rate of the respective figure was about 13.97% over the past two years

HAIKOU /China/, March 4. /TASS/. The total amount of social logistics in the southern Chinese province of Hainan exceeded 1.02 trillion yuan ($161.9 billion) in 2021, up 22.43% compared to 2020, China News Service reported, citing the local Development and Reform Commission.

The average growth rate of the respective indicator was about 13.97% over the past two years. The department's report noted rapid growth rate of social logistics, including cross-border logistics.

In 2021, according to the data, the growth rate of import cargo flow reached 74.26%, while imports from other provinces of the country increased 26.49% year-on-year in 2021. Total spending on social logistics, meanwhile, amounted to 107.27 billion yuan ($17 billion) last year, an increase of 24.46% compared to 2020. The average growth rate of the respective indicator over the last two years was 16.18%. Revenues of modern logistics grew 50.5% to 86.42 billion yuan ($13.7 billion) in 2021.

The ministry also said that the added value of the logistics industry in Hainan last year grew 37.3%, which is 3.7% in the overall structure of GDP.

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