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Air cargo tonnage from the Middle East and South Asia to the Asia-Pacific region rose 11%, according to WorldACD Market Data, while global cargo volumes only partially rebounded after falling sharply in the first week of May.
Data for week 19 (May 8-14) showed tonnages were up 7% on a weekly basis and global average air freight rates were up 1%, with tonnage only partially recovering from the -11% decline seen in the first week of May 2019 — Based on over 400,000 transactions per week covered by WorldACD data.
But comparing weeks 18 and 19 to the previous two weeks (2Wo2W), tonnage is down -7% compared to weeks 16 and 17, while capacity is down -1%, global average Shipping costs were also down -1%.
downtrend; downtrend
Reflecting the impact of the May 1 public holiday, at a regional level, tonnages in most origins are trending down on a 2Wo2W basis, with demand falling sharply, Central and South America (-14%), Europe (-11%) Excluding and Asia Pacific (-9%).
Outbound traffic fell the most in Central and South America, with North America down -16% and Europe down -14%, although this at least partly reflected lower flower shipments as these returned to normal on Mother’s Day in several countries The level after the surge before the celebration. Asia Pacific to Europe (-12%) and North America (-8%), Europe to Asia Pacific (-15%), Central and South America (-12%) and Africa (-11%), and Transatlantic Routes (westbound -11%, eastbound -10%), the only significant growth observed was from the Middle East and South Asia to Asia Pacific (+11%).
Meanwhile, average rates across all major origin regions were largely flat on a 2Wo2W basis, with rates to and from Central and South America the only significant change (-4% northbound to North America and -6% southbound), but for Europe up 7%), while intra-Asia Pacific fell -5%.
Year-on-year view
Comparing the overall global market to the same period last year, the billable weight in weeks 18 and 19 was down -8% compared to the same period last year. The most notable changes included double-digit percentage year-over-year declines in tonnage outside North America (-22%) and outside Europe (-16%), while traffic outside the Middle East and South Asia was up +11% year-on-year.
Overall capacity was up 12% compared to the previous year, with double-digit percentage increases in all regions except North America (+8%) and Central and South America (-6%). The most notable growth was outside Asia Pacific (+38%) and outside Africa (+14%).
Global average rates are now -34% below levels at this time last year, averaging $2.64 per kg in week 19, well above pre-Covid levels despite higher fuel surcharges. — trade arab news agency
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