Global Air Cargo Volume Drops 4% Weekly as Rates Rise 2%

Global chargeable air cargo volume fell 4% on a week-on-week basis, according to the latest WorldACD data, while available capacity remained flat for the third consecutive week.

In contrast, overall rates rose 2% during the week and 27% year-on-year; rates for the Asia-Pacific route climbed 4%, and rates for the Africa, Europe, and Middle East routes rose 3% each, while cargo rates from North America remained unchanged.

Africa was the only region where cargo volume increased, rising 7% week-on-week, while volumes from Asia-Pacific dropped 7%. Contributing to the decline in demand on major routes were the Autumnal Equinox holiday in Japan on September 23 and the Mid-Autumn Festival in China on September 25, with cargo volume from Asia-Pacific to Europe falling 8%. Cargo volume from Malaysia jumped 20% after recovering from an 18% drop during the Malaysia Day holiday.

On a year-on-year basis, total transported volumes rose 5%, led by Africa, which grew by 9%. China's closure during "Golden Week" between October 1 and 7 is expected to put pressure on its exports, while freight rates from the Middle East to Europe jumped 63% and to the United States 70% year-on-year. The average freight rate from Asia-Pacific to the United States remained unchanged weekly, but rose 38% from a year earlier, while year-on-year tonnage from the region to the United States increased 14%.

What do these terms mean?

Chargeable weight: The weight or volume on which the air freight carrier calculates its price, whichever is greater. Golden Week: A week-long Chinese holiday starting in early October that impacts production and shipping activity. Capacity: The space available on aircraft for transporting goods. Route/Lane: A specific route between an origin region and a destination region.