May 2026: Global Trade Remains Resilient as Freight Rates Continue to Rise
Another Strong May Despite Gulf Crisis Disruption
Global container volumes delivered another impressive performance in May 2026, demonstrating the resilience of international trade despite the ongoing disruption caused by the Gulf Crisis. Although discussions around a ceasefire began during May, an agreement was not reached until mid-June, meaning trade continued to operate under significant pressure throughout the month.
Global volumes reached 17.35 million TEUs during May, making it another exceptionally strong month for the industry. Historically, May has consistently been one of the strongest months of the year, with volumes typically increasing from April as retailers begin summer inventory replenishment. In 2026, volumes increased 6.2% month on month from April. Whilst this was slightly below the 6.7% increase recorded in May 2025, it remains a robust performance as year to date, global volumes are now up 5%.
Freight Rates Continue to Climb
Following the sharp increase seen in April, the Global Price Index rose by a further 8% month on month, reaching 95 points in May.
Since the Gulf Crisis began at the end of February, the Global Price Index has increased by approximately 25%, underlining the immediate impact the Strait of Hormuz disruption has had on freight rates.
Global Exports: Gulf Crisis Continues to Reshape Trade Flows
Looking at regional exports, only two regions recorded year-to-date declines compared with 2025: Indian Sub-Continent & Middle East and Europe, down 8% and 1% respectively.
The decline in Indian Sub-Continent & Middle East exports is unsurprising given the geopolitical situation affecting the region throughout May. Both Indian Sub-Continent & Middle East and Europe’s declines are a direct result of the trade between these two regions, reflecting the disruption caused by the Strait of Hormuz closures.
There are, however, encouraging signs elsewhere. North American exports have continued to recover, supported by increased cargo moving into the Far East. This marks the second consecutive month of growth on this trade lane following the slowdown caused by tariffs and economic uncertainty.
Meanwhile, Sub-Saharan Africa continues to build momentum, with exports up 8% year to date. Growth has been driven by increased cargo flows into the Far East, Europe, and the Indian Sub-Continent & Middle East.
Global Imports: North America Returns to Growth
The import picture continues to demonstrate the resilience of global trade: every region, except for the Indian Sub-Continent & Middle East, recorded year-to-date import growth.
Notably, North America imports returned to positive year-to-date growth for the first time in 2026, and for the first time since July 2025, with imports increasing by 1%. However, the Transpacific trade is up over 20% year on year. Potentially marking a turning point for this trade region following months of weaker performance.
The Far East continues to reinforce its position as the powerhouse of global trade. Imports are now 7% higher year to date than the same period in 2025, equating to approximately 2 million additional TEUs. This growth has been fuelled primarily by strong Intra-Asia trade alongside recovering cargo flows from North America.
Once again, Sub-Saharan Africa leads all regions in percentage import growth, rising 16% year to date. Cargo originating from the Far East remains the principal driver, with this trade increasing by nearly 30%. In fact, Far East cargo now accounts for more than half of all imports into Sub-Saharan Africa, highlighting the growing importance of this trade lane.
Volumes Hold Firm Whilst Freight Rates Tell a Different Story
As May 2026 draws to a close, the container market continues to demonstrate remarkable resilience despite ongoing geopolitical disruption.
Historically, May has been one of the strongest months of the year, driven by seasonal retail replenishment ahead of the summer period. It is also a 31-day month, meaning that when viewed daily, May’s average lifting was only 1.7% higher than April, illustrating just how consistently strong volumes have remained.
Whilst global liftings continue to perform well, the clearest impact of the Gulf Crisis is being seen in freight pricing. The sustained increase in the Global Price Index reflects the additional cost of operating under disrupted trade conditions.
As we approach the final month of the first half of 2026, attention will turn to how long freight rates continue to rise and, ultimately, when the Global Price Index may begin returning towards pre-crisis levels.
For a more detailed analysis of specific regional trades and to gain further insights into our findings, please contact us on sales@containertradesstatistics.com
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