The data for the 19th week of 2024 (May 6-12) shows a partial rebound in air cargo from Asia-Pacific after the previous week's slump due to May Day and Japan's Golden Week celebrations. WorldACD Market Data indicates that global volumes remained flat compared to the 9% decline observed the previous week.
Following a 13% drop in the 18th week, volumes from Asia-Pacific recovered by 8% in the 19th week. This recovery is more modest compared to the 18% increase seen during the same week in 2022. In China, traffic driven by e-commerce fell by only 8%, with a 2% recovery, while last year volumes had decreased by 18% before bouncing back by 19%.
Volumes from North America and the Middle East/South Asia saw a slight recovery (+1%), while declines continued from Africa (-1%), Europe (-4%), and Latin America (-21%) after the Mother's Day peak. On a bi-weekly basis, global volumes in weeks 18 and 19 decreased by 7% compared to the previous two weeks, yet remained 9% above last year's levels.
Despite recent volatility due to Easter, Ramadan, and other holidays, average global rates have remained relatively stable in recent weeks, standing at $2.49 per kg in the 19th week. This represents an increase of only 2% compared to last year, but a significant 41% above pre-pandemic levels. On an annual basis, rates have risen by 3%. Rates from the Middle East remain very high (+44% year-on-year) due to strong demand and issues with sea freight supply. Rates from Asia-Pacific have increased by 12% annually, while those from Europe (-22%) and North America (-13%) have declined.
