Air cargo volumes from Asia Pacific origins are steadily recovering towards pre-Lunar New Year levels, with rates climbing and remaining higher than the same period last year, according to WorldACD Market Data.
Asia Pacific Recovery
In week 8 (17 to February 23), chargeable weight flown from Asia Pacific origins rose by 6%, following a 20% rebound in week 7, bringing volumes close to mid-January levels. Asia Pacific to Europe tonnages increased by 5%, driven by a strong rebound from Japan (19%), alongside gains from South Korea (7%), Vietnam (8%), and Thailand (18%). China to Europe tonnages rose by 5%, while Hong Kong volumes remained flat.
Asia Pacific to USA Demand
Cargo demand from Asia Pacific to the USA rose by 5%, with notable increases from Hong Kong and Japan (11%), South Korea (9%), Taiwan (9%), and Vietnam (10%). Average spot rates to the USA climbed by 4%, reaching close to US$5 per kilo. China to USA rates rebounded by 9% to US$4.08 per kilo, while Hong Kong to USA prices rose by 4% to US$4.02 per kilo. Japan and South Korea rates remained high at US$6.75 and US$5.73 per kilo, respectively.
Global Market Trends
Global air cargo volumes rose by 1% week-on-week, with Asia Pacific gains offset by declines in Central and South Asia (6%), North America (2%), and the Middle East and South Asia (1%). Average worldwide rates edged up by 2% to US$2.32 per kilo, primarily due to Asia Pacific price increases.
Middle East and South Asia to Europe Market
Demand from Middle East and South Asia to Europe remained stable before Ramadan, with increases from Dubai (23%), Sri Lanka (9%), and India (5%), while Bangladesh volumes fell by 10%. Spot rates from MESA to Europe dipped by 2% to US$2.42 per kilo but remained 3% above last year’s levels.
