1. Agency Predicts Temu's GMV to Reach $54 Billion in 2024

On July 29, news broke that Bernstein Research's latest report predicts Temu's gross merchandise volume (GMV) will reach $54 billion in 2024, marking its progress toward global profitability after achieving profitability in the US market. The report highlights that Temu's GMV in the second quarter ranged between $11 billion and $12 billion. This increase is attributed to the semi-managed model adopted in the US market, which improved its GMV profit margin. Temu's success in the US market is particularly notable, with US GMV accounting for over 25% in June, making up more than a third of the global GMV for the second quarter.

Source: E-commerce News

2. China Post Announces First Half Year Performance: Revenue of 360.3 Billion Yuan

On July 29, it was announced that the 2024 China Post Group Co., Ltd. Work Symposium was recently held in Beijing. The meeting summarized work, analyzed the situation, and arranged key tasks for the second half of the year. From January to June 2024, China Post Group achieved revenue of 360.309 billion yuan, exceeding the progress schedule by 1.8 percentage points; it achieved a profit of 57.9 billion yuan, exceeding the progress schedule by 68.92 percentage points and surpassing the annual budget target by 9.5 billion yuan, resulting in better-than-expected development results.

Source: China Post

3. DB Schenker Releases Latest Performance for the First Half of 2024

On July 29, it was announced that German state-owned railway operator Deutsche Bahn Group released the performance of its logistics subsidiary DB Schenker for the first half of 2024. In the first half, DB Schenker achieved revenue of 9.41 billion euros (approximately $10.21 billion), a year-on-year decrease of 6.6%; adjusted EBIT was 520 million euros (approximately $560 million), a year-on-year decrease of 16.9%. Deutsche Bahn Group stated that DB Schenker's performance in the first half was good. Although revenue and profits were slightly lower than the first half of 2023 due to the normalization of air and sea freight rates, they were still significantly higher than pre-pandemic levels.

Source: China Shipping Weekly

4. YunExpress Upgrades US B2B Large Cargo Service

On July 29, it was announced that YunExpress has upgraded its US B2B large cargo service, offering wider delivery coverage, eight products across air and sea freight, and addressing various logistics needs. Service advantages include six charter flights per week for strong capacity assurance, high-efficiency truck charter pickups, reliable warehouse pallet disassembly and delivery, and compliant account safety for worry-free deliveries.

Source: YunExpress Logistics

5. Kuehne + Nagel Relaxes Cost Reduction Plan

On July 29, it was reported that Kuehne + Nagel has scaled back its cost reduction plan to adapt to changing market conditions. The freight forwarder initially estimated annual restructuring cost savings of around 200 million Swiss francs after inflation, but this has now been reduced to about 100 million Swiss francs.

Source: Compiled by Cross-border E-commerce Logistics Insider

6. EFW Provides Another A330P2F for DHL

On July 29, it was announced that Elbe Flugzeugwerke (EFW) has completed the conversion of the 15th Airbus A330-300 passenger-to-freighter (P2F) aircraft, which will be delivered to DHL Express. It is reported that DHL Express is the launch customer for the EFW A330-300P2F program and has ordered a total of 18 A330-300P2F aircraft.

Source: Compiled by Cross-border E-commerce Logistics Insider

7. TEMU Tops the List of Fastest Growing Online Markets Globally

On July 29, it was announced that the 2023 GMV growth ranking has been released. The top five markets are Miravia, Temu, TikTok Shop, Coppel, and Blinkit. The two fastest-growing e-commerce markets are Alibaba's subsidiary Miravia and Pinduoduo's Temu. Miravia's GMV growth exceeded 8000% in 2023, while Temu's annual growth rate was 4648%. Miravia achieved a 355% growth rate; Coppel grew by 338% in 2023; and Blinkit had a growth rate of 86%.

Source: ECDB

8. Shopee Adjusts Overseas Turnover Days and Storage Fees for Singapore and Malaysia Sites

Shopee's overseas warehouse in Singapore and Malaysia will adjust the maximum inventory turnover days from 90 days to 50 days. If the inventory turnover days exceed this limit, sellers may be refused when submitting new warehouse entry applications for the product. Sellers are advised to carefully submit warehouse entry applications for products with high turnover days. For inventory entry applications submitted before August 7, the 90-day inventory entry can be applied for; after August 8, only enough inventory for 50 days of sales can be applied for.

Starting September 1, 2024 (local time), Shopee’s overseas warehouse in Singapore and Malaysia will adjust storage fees as follows: for products with inventory days of 61-90 days, storage fees will be adjusted from September 1, 2024. Sellers are advised to handle products that are about to or have already exceeded 60 days in inventory promptly, including setting discount activities, actively participating in platform promotions, and applying for inventory withdrawal.

Source: Shopee

9. Temu Gains High Recognition in Korea in Its First Year

On July 29, it was reported that Temu has gradually gained high recognition from Korean consumers since its entry into Korea in July last year. Data shows that as many as 75% of consumers are aware of Temu, highlighting the platform's rapid penetration into the Korean e-commerce market. Additionally, 34% of Temu users use the platform at least once a week, with the highest usage rates among people in their 20s (46%) and those living alone (41%).

Source: Ebrun

10. Hong Kong International Cargo Volume Continues to Surge

On July 29, it was reported that benefiting from the growth in export cargo volume, Hong Kong International Airport's cargo volume has recorded double-digit year-on-year growth for six consecutive months. According to data released by the Airport Authority Hong Kong, the airport's cargo volume in June increased by 17.6% year-on-year to 417,000 tonnes. Export cargo rose by 24.9% compared to the same month last year. On a 12-month rolling basis, cargo throughput increased by 14.8% to 4.7 million tonnes.

Source: Compiled by Cross-border E-commerce Logistics Insider

11、Guangdong's Cross-border E-commerce Import and Export Reaches 427.34 Billion Yuan in the First Half of the Year

On July 26, it was reported that Guangdong's cross-border e-commerce import and export jumped from 11.3 billion yuan (RMB, the same below) in 2015 to 843.3 billion yuan in 2023, with an average annual growth rate of 71.4%, accounting for over 10% of Guangdong's total foreign trade volume and more than one-third of the national cross-border e-commerce import and export. In the first half of 2024, Guangdong's cross-border e-commerce import and export reached 427.34 billion yuan.

It was introduced that Guangdong has achieved full coverage of cross-border e-commerce comprehensive pilot zones across the province, with a total of 21 comprehensive pilot zones. Among them, Guangzhou, Shenzhen, and Foshan have annual cross-border e-commerce import and export volumes exceeding 100 billion yuan, while Dongguan, Zhuhai, Huizhou, and Shantou each have scales of over 10 billion yuan.

In terms of cross-border e-commerce infrastructure, Guangdong has established six international mail exchange bureaus and 17 international express supervision centers. Guangdong’s international and Hong Kong, Macao, and Taiwan express business volume accounts for more than half of the national total, processing over 120,000 international parcels per hour. The cumulative total area of various overseas warehouses built globally is nearly 6 million square meters.

It is reported that Guangdong will further promote the construction of comprehensive pilot zones, accelerate the data connection between online comprehensive service platforms of comprehensive pilot zones and the provincial cross-border e-commerce public service platform. The province will also promote the experience of the Shenzhen cross-border e-commerce compliance innovation pilot, and collaborate with platforms like SHEIN, TEMU, Amazon, and Alibaba to conduct cross-border e-commerce resource docking within Guangdong’s industrial belts, empowering industrial development through cross-border e-commerce.

Source: China News

12. CMA CGM's Second Quarter Results Released

Recently, CMA CGM announced its operating and financial results for the second quarter of 2024. In the second quarter of 2024, CMA CGM's revenue was $13.1 billion, a growth of 6.8%; net profit was $661 million, a year-on-year decrease of $670 million; EBITDA totaled $2.48 billion, a year-on-year decrease of 4.3%, with a profit margin of 18.9%, down by 2.2 percentage points.

Source: Port Circle

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WeChat Official Account: Compiled by Cross-border E-commerce Logistics Baixiaosheng