Shanghai, China. Photo by Liam Li on Unsplash
More of China’s major logistics companies lost money in April, as widespread disruption from the country’s Covid-induced lockdowns pushed up costs in an industry where margins have long been paper thin.
In the first four months of the year, 39% of the country’s “key” logistics companies logged losses, compared with 36% in the first three months, according to statistics provided on Wednesday by the government-linked China Federation of Logistics and Purchasing (CFLP). No further details were given about the total number of such “key” firms and what standards they need to meet to gain that status.