In July, China's warehousing index was 50.1%, down 0.9 percentage points from the previous month.

The China Warehousing Index, jointly investigated by the China Federation of Logistics and Purchasing and China Merchants Development Co., Ltd., was 50.1% in July 2025, a decrease of 0.9 percentage points from the previous month. Although the index has fallen slightly, it remains above 50%, maintaining expansion for nine consecutive months. The warehousing industry as a whole continues to operate well, although the growth rate has slowed down. New orders and average inventory turnover index have declined, while the end-of-month inventory index has risen, indicating a weak demand in warehousing business due to the impact of hot and rainy weather, slowing down the turnover speed of goods and increasing inventory levels. Business activity expectation index remains in the expansion zone, reflecting that enterprises' confidence in the future remains stable. Specifically, the index for this month has the following characteristics: Weak demand due to weather factors. In July, the new order index was 50%, a decrease of 1.6 percentage points from the previous month. Continuous hot and rainy weather has suppressed end consumer demand, disrupting some outdoor construction activities, putting pressure on the overall operation of the warehousing industry, and slowing down the growth of new orders compared to the previous period. In terms of different commodities, although the bulk commodity market is in the off-season, the demand for warehousing of bulk commodities has rebounded against the trend, especially the significant increase in new order index for non-ferrous metals and chemical products, guided and boosted by the government's policy to eliminate competition. Slowed turnover speed, increased inventory levels. In July, the average inventory turnover index was 48.5%, a decrease of 7.2 percentage points from the previous month, falling into the contraction zone; the end-of-month inventory index was 51%, an increase of 3.3 percentage points from the previous month, entering the expansion zone. The change in the index indicates that the efficiency of inbound and outbound operations is restricted by weather factors, coupled with weak end demand, leading to a significant slowdown in the turnover speed of goods. As a result, inventory levels have generally increased. Expected trend in the later period, short-term fluctuations are expected, but long-term operations are positive. Looking at the July index, enterprises are expecting stability and are relatively optimistic. The index for company employees is 50.5%, unchanged from the previous month, continuing to operate in the expansion zone, with the number of employees steadily increasing, accumulating strength for the recovery of business activities in the later period. The business activity expectation index is 52.3%, a decrease of 1.4 percentage points from the previous month, still operating in the expansion zone, indicating that companies are optimistic about future expectations. In the short term, weather factors in August may still disrupt industry operations, bringing pressure on the index. However, with the end of the rainy season and active macroeconomic policy support for continued consumption and optimization of the business environment, the warehousing industry is expected to increase its vitality and maintain a positive trend in the long run.