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Global air cargo tonnages in the last week of November were at the same level as the previous week
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The overall average air freight rate kept a steady growth path of +2%, its highest recorded this year, at $2.79
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This was driven by increasing spot rates, mostly from North America and Europe
Global air cargo tonnages in the last week of November this year were at the same level as the previous week, according to the latest WorldACD Weekly Air Cargo Trends.
The overall average air freight rate kept a steady growth path of +2%, its highest recorded this year, at $2.79. This was driven by increasing spot rates, mostly from North America and Europe.
As rates continue to rise, the weekly growth of global tonnages reported earlier paused briefly except in a couple of areas.
Compared to 2023, all regions show a positive development in chargeable weight, except for Africa (-3%).
The biggest growth was recorded in North America at 22% year-on-year, compared to only 7% last week.
The jump was due to the Thanksgiving holiday.
Average rates have been noticeably rising on the Europe to North America trade lane at +8%, said WorldACD Weekly Air Cargo Trends, while Asia Pacific to North America were flat.
Compared to this time last year, ex-Europe to North America rates were +24% higher. Ex-China to US rates actually saw a decline of -3%, from $5.58 to $5.43.
This can be partly explained by a shift of capacity from the Transatlantic to the Asia Pacific region. Expectations are that there will be a surge of e-commerce shipments, with the bulk from China and Hong Kong to Europe and North America.
More forwarders secured their capacity this year prior to the peak season, which has a dampening effect on the rate development pattern seen last year.
READ: Global air cargo tonnages up 12% in first half of 2024
