China: The volume of warehousing business in China continues to grow, with goods turnover remaining active.

The China Warehousing Index jointly surveyed by the China Federation of Logistics and Purchasing and China National Storage and Distribution Co., Ltd. in January 2026 was 51.9%, a decrease of 0.5 percentage points from the previous month, but still remained in the expansion zone. Among the main sub-indices, the facility utilization index and end-of-period inventory index continued to rise. Although the business volume index and average inventory turnover index experienced a decline, they still remained in the expansion zone, indicating that the warehousing business volume continued to grow, goods turnover remained active, inventory levels continued to rise, and enterprise replenishment enthusiasm increased, maintaining a good overall operational trend in the industry. Specifically, the index for this month has the following characteristics: -Business volume continues to grow, and facility utilization improves. In January, the business volume index was 52.2%, a decrease of 1.4 percentage points from the previous month, but still remained in the expansion zone, indicating that the business volume continued to grow on the basis of a significant increase in the previous month, and the overall warehousing business continued to show a recovery trend. In terms of varieties, although the bulk commodity market entered the traditional off-season, the pre-holiday factory stocking and replenishment demands were initiated, leading to an increase in warehousing business volume against the trend, especially in varieties such as steel, non-ferrous metals, building materials, etc. Consumer goods driven by the expectation of peak season consumption during the holidays maintained strong warehousing demand, with significant growth in business volume for food, clothing, medicine, and other products. With business volume continuing to grow, enterprise warehouse facility utilization also increased. The facility utilization index for this month was 54.3%, up by 0.3 percentage points from the previous month, reaching a new high in 14 months. -Turnover remains efficient, and inventory continues to rise. In January, the average inventory turnover index was 51.9%, a decrease of 1.5 percentage points from the previous month but remained in the expansion zone, indicating that the efficiency of goods turnover was still increasing. The end-of-period inventory index was 53.3%, up by 1.4 percentage points from the previous month, maintaining a rising trend for three consecutive months. The changes in the index reflect smooth and efficient circulation, increased replenishment enthusiasm among enterprises, and stable and orderly stocking, laying the foundation for a quick recovery of production and operation activities after the holidays. -Company expectations are weakening, facing short-term fluctuations. In January, the business activity expectation index was 49.6%, a decrease of 3.1 percentage points from the previous month, showing a significant decline influenced by seasonal factors such as holidays. As the holidays approached, warehousing business demand weakened, and the index is expected to face short-term fluctuations. However, the overall demand in the industry is solid, and after the seasonal factors fade, the index is expected to stabilize and resume a positive trend. This article is selected from the official website of the China Federation of Logistics and Purchasing; GMTEight Editor: Xu Wenqiang.