In the seventeenth week of the year, from April 22 to 28, air cargo volumes rose by 5%. This rise offset nearly all the declines recorded in the three preceding weeks, which were affected by the combined impacts of the Easter holidays and Ramadan. Despite the overall increase, the average global freight rate dropped to $2.47 per kilogram, slightly below the $2.52 level seen in the same period last year. Nevertheless, current rates remain significantly above pre-pandemic levels, showing a 37% increase compared to April 2019.
A notable surge occurred in freight involving Central and South America, where tonnage rose by 23%, following a 14% increase the previous week. Over the last two weeks of April, there was a 30% increase compared to the two weeks prior, primarily to destinations in North America. Analysts at WorldACD attribute this significant rise mainly to the transportation of flowers ahead of Mother's Day (celebrated on May 12 in the USA and Canada).
This increase in flower shipments also contributed to the uptick in global traffic. WorldACD's analysis indicates that exports from Central and South America accounted for about 30% of the global growth recorded in the seventeenth week.
Compared to 2023, the total global tonnage for weeks sixteen and seventeen increased by 9%, driven by a 15% annual growth from the Asia Pacific origins, 11% from the Middle East and South Asia, 10% from Africa, and 8% from Central and South America. Europe and North America saw more moderate increases of 5% and 3%, respectively. For the entire month of April, total global tonnage increased by 9% year-over-year.
On the freight rate side, the sharp rise in tonnage from Central and South America to North America was accompanied by a 12% increase in rates on a bi-weekly basis for these regions. This marks the only significant rate increase among the major intercontinental corridors monitored by WorldACD, leading to a 6% rise in overall air export rates from Central and South America, the only origin region recording an average rate increase.
