The Ctrack Transport & Freight Index (TFI) rebounded strongly in Q1 2026 following a loss of momentum in the previous quarter, rising consistently over three months to reach an index level of 125.0—its highest point since May 2024. This reflects a 6.2% increase quarter-on-quarter and an 8.0% rise year-on-year, underpinned by improved economic conditions including moderate inflation, real wage growth, interest rate cuts, and stronger business confidence. Growth was broad-based across most freight modalities, with notable recoveries in road (+5.9% q/q), rail (+5.8% q/q), storage and handling (+11.0%), pipelines (+2.0%), and particularly sea freight, which emerged as the top performer with a 14.3% quarterly increase. Air freight, however, declined by 7.5%, reflecting reduced demand amid stronger performance in other sectors. While the overall performance signals a positive contribution to GDP growth in Q1, the sharp fuel price shock in April—driven by escalating geopolitical tensions in the Middle East—poses a significant risk to sustained momentum. Rising input costs, especially fuel, are expected to place pressure on the logistics sector and broader economy in the coming months.
For a detailed breakdown of sub-sector performances, charts, and in-depth analysis, please download the full Ctrack Transport & Freight Index Q1 2026 report here.