CMA-CGM is setting up a logistics joint venture to increase the export of French mineral waters to China. Panjiva data shows this is a growing industry, with 20% growth in the quarter to October 31 on a year earlier, and a 107% expansion for the past 12 months vs. 2013. Yet, the business could have much further to go. It currently only accounts for $64 million in annual exports to China, and is just 19% the size of carbonated drinks shipments more broadly. The latter has begun to shrink recently, possibly for health reasons.