Recovery in the logistics sector continued in May, albeit at a slower pace

The Ctrack Transport and Freight Index (Ctrack TFI) increased in May to reach an index level of 125.6, an increase of 1.7% compared to April’s level, and 2.5% above year-ago levels. This marks the third consecutive monthly increase in the index and an early signal that the transport sector’s contribution to overall GDP could again move into positive territory in Q2. The sub-sectors of the index traditionally portray vastly different trends, reflecting the intertwined nature of the logistics sector and it was no different in May. On a monthly basis, three subsectors increased in May 2024, led by air freight (+5.5% m/m) and the heavy weighted road freight subsector (+2.7% m/m). Compared to a year earlier, five of the six sub-sectors increased during May, while only the pipeline transport sub-sector declined.