Air cargo rates and volumes decline further

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Global air cargo prices and volumes continued to decline, the latest figures from WorldACD Market Data reveal.

Looking at week 40 (3rd – 9th October) alone, worldwide chargeable weight dropped 9% compared with the previous week, based on the more than 350,000 weekly transactions covered by WorldACD’s data. Comparing weeks 39 and 40 with the preceding two weeks (2Wo2W), volumes declined 4%, while average worldwide rates declined 1%, in a flat capacity environment.

Read more: Rates stabilise but volumes remain weak

Across that two-week period, tonnages from all the main global origin regions decreased, except for Africa (2%), declining 7% from M. East & S. Asia and 6% from North America. On a lane-by-lane basis, tonnages from North America and Europe to Asia Pacific were all decreasing, with the most significant decrease from North America to Asia Pacific (11%).

The negative trend in tonnages can also be seen from Asia Pacific, with volumes ex-Asia Pacific declining 5% to both North America and Europe, on a 2Wo2W basis.

Read more: Air cargo rates continue to soften

Comparing the overall global market with this time last year, chargeable weight in weeks 39 and 40 was down 14% compared with the equivalent period in 2021, despite a capacity increase of 5%. Notably, volumes ex-Asia Pacific are 22% below their strong levels this time last year, and M. East & S. Asia origin tonnages are 21% below last year.

Capacity from all of the main origin regions, with the exception of Asia Pacific (-10%) and C. & S. America (3%), is significantly above its levels this time last year, including double-digit percentage rises from Africa (15%) and Europe (10%).

Worldwide rates are currently 13% below their level this time last year at an average of $3.31 per kilo.