Air cargo tonnages from Asia Pacific origins have shown a promising rebound in recent weeks, signaling a positive trend in the air freight industry. According to the latest weekly figures from WorldACD Market Data, the tonnages have been steadily increasing, edging back towards their pre-Lunar New Year levels and remaining above the levels seen at this time last year.
In week 7, there was a significant +20% rebound in chargeable weight flown from Asia Pacific origins, following the Lunar New Year dip. This positive momentum continued in week 8, with a further +6% increase, bringing the tonnages close to their mid-January levels. These figures are based on data covering more than 500,000 weekly transactions, providing a comprehensive overview of the air cargo market in the region.
Asia Pacific to Europe tonnages also saw a notable recovery, with a +5% increase following a +30% rebound in the previous week. China to Europe tonnages regained +5%, while Japan to Europe demand bounced back strongly with a +19% week-on-week increase. Other countries such as South Korea, Vietnam, and Thailand also experienced positive growth in their air cargo tonnages to Europe.
Demand from Asia Pacific to the USA showed a similar upward trend, with a further +5% increase in tonnages following a +28% rebound in week 7. China, Hong Kong, Japan, South Korea, Taiwan, and Vietnam all saw increases in their air cargo tonnages to the USA, contributing to the overall positive performance in the region.
Average spot rates from Asia Pacific to the USA also saw a +4% increase, reaching close to US$5 per kilo. China to USA spot rates regained +9%, while Hong Kong to USA prices edged back up by a further +4%. Japan to USA and South Korea to USA spot rates remained strong, despite a slight decrease, indicating a stable pricing environment in the region.
In contrast, Asia Pacific to Europe prices edged back downwards in week 8, averaging just below $4 per kilo. However, South Korea to Europe spot rates held firm at $4.16 per kilo, showing resilience in the face of pricing fluctuations.
Overall, worldwide tonnages flown in week 8 were up by +1% week-on-week, with the +6% rise from Asia Pacific origins offset by decreases in other regions. Average worldwide rates also edged upwards by +2% to $2.32 per kilo, thanks to a +2% increase from Asia Pacific.
While comparisons with last year show an increase in both rates and tonnages, it is important to note that these comparisons are distorted by the timing of Lunar New Year. Therefore, it is too early to make meaningful year-on-year comparisons at this stage.
In conclusion, the air cargo market in the Asia Pacific region is showing signs of recovery and resilience, with tonnages and rates gradually returning to pre-Lunar New Year levels. The positive trends observed in recent weeks bode well for the industry’s future growth and stability, highlighting the importance of air freight in facilitating global trade and commerce.
