Slight Adjustment in China's Road Logistics Price Index

According to a joint survey by the China Federation of Logistics and Purchasing and Lin'an Logistics Group in March 2024, the China Road Logistics Price Index stood at 102.5 points, showing a slight decrease of 0.07% from the previous month and a decline of 0.89% compared to the same period last year. Weekly index analysis indicated a decrease in the first, third, and fifth weeks, with a rebound in the second and fourth weeks.

Across different vehicle types, all indices experienced a decline both month-on-month and year-on-year. The full-load transport index, primarily for bulk commodities and regional transport, was 102.6 points, down 0.08% month-on-month and 0.9% year-on-year. In the less-than-truckload (LTL) segment, the light goods index stood at 102.1 points, a slight decrease of 0.02% from the previous month and a 0.76% drop from last year; the heavy goods index was at 102.5 points, down 0.12% month-on-month and 0.99% year-on-year.

Overall, China's economy showed a positive recovery trend in March, with strengthened internal drivers and accelerated production expansion, leading to a steady improvement in the road transport market demand. As the holiday effects faded and temperatures rose, the willingness to resume work and production increased across regions, leading to a slight rise in transport capacity supply and a continued growth in market demand. Although the price index slightly declined this month, mainly due to the high base effect from the last quarter and the same period last year, the market is gradually returning to normal operation. With supply exceeding demand, the decrease in the price index has narrowed, leading to a more stable market situation.

Regionally, except for a slight increase in the Northwest and Southwest, other areas saw a decrease in their price indices.

Looking ahead, given the good economic performance in the first quarter, especially in March, and the synergistic effect of multiple policies to stabilize the economy and expand domestic demand, market expectations remain positive. It is anticipated that market activity may further increase in April, potentially leading to a slight fluctuation and rebound in the price index.