Growth in Trade Yet Cautious Logistics Demand

• Imports increased by 7.4% and exports by 12.5% in Q2 2024.
• Air freight saw a strong recovery with a 16.6% growth, while container throughput declined by 7.5%.
• Local demand for logistics services weakened, reflected in a 6.1% decrease in retail sales.
• SF Express expanded its footprint by leasing 120,000 square feet at Smile Centre.
• Overall warehouse vacancy rates decreased to 7.5%, with modern warehouse vacancy rates at 9.1%.
• Strengthening of import/export trades and air fright is anticipated, but counterbalances by decline in logistic demand.