BEIJING - The value of China's logistics industry rose 12.5 percent year-on-year to 146.3 trillion yuan ($23.04 trillion) in the first 11 months, said the China Federation of Logistics and Purchasing (CFLP) Tuesday.

Yet the pace of growth has slowed for five consecutive months, down from 13.3 percent in the first ten months, said the CFLP.

Total spending on logistic services rose 18.5 percent to 7.1 trillion yuan in the same period, down 0.8 percentage points from that of the first 10 months, it said.

The CFLP attributed the deceleration in growth to the country's macro policies on inflation control and economic structural adjustment.

Chinese logistics enterprises have still suffered from high costs, as revenues for the sector climbed 29.4 percent year-on-year in the first 10 months of this year, while business costs grew 31.7 percent from a year ago, said the CFLP.

The CFLP said logistics enterprises have witnessed a sharp decline in profit margin for major businesses, which dropped to 8.6 percent in the first ten months from 15.6 percent in the first three quarters this year.