Tonnages recover partially from China’s Golden Week: WorldACD
Worldwide average rates are currently 28% below their levels this time last year at an average of $2.34/kg
Global air cargo tonnages recovered slightly in the second full week of October compared with the previous week, according to the latest figures from WorldACD Market Data, following the significant decrease the week before caused by the seasonal effect of China’s National Day Golden Week holiday from September 29 to October 6, 2023.
Figures for week 41 (October 9-15) show a +two percent increase in tonnages and in global average rates compared with the previous week based on the more than 400,000 weekly transactions covered by WorldACD data. "The week-on-week (WoW) partial recovery in tonnages is slightly more positive compared to the equivalent week last year when no change was recorded. The situation this time last year in China was complicated due to various regions of the country going in and out of zero-Covid lockdowns."
Comparing weeks 40 and 41 this year with the preceding two weeks (2Wo2W), overall tonnages decreased five percent versus their combined total in weeks 38 and 39 while worldwide rates and capacity declined slightly (one percent), the update added.
On the pricing side, average global rates slipped slightly (one percent) on a 2Wo2W basis. On a regional level, rates were mostly stable to slightly negative with somewhat stronger decreases recorded ex-Middle East & South Asia to Asia Pacific (eight percent) and intra-Asia Pacific (five percent).
Year-on-Year perspective
Comparing the overall global market with this time last year, chargeable weight in weeks 40 and 41 was down one percent with the most notable changes on an origin region level being a 10 percent rise ex-Asia Pacific and ex-Middle East & South Asia. There were significant decreases in tonnages ex-North America (15 percent) and ex-Europe (12 percent).
Overall capacity has increased 10 percent compared with last year as passenger air services continue to return to the market with capacity ex-Asia Pacific up 29 percent.
Worldwide average rates are currently 28 percent below their levels this time last year at an average of $2.34 per kilo in week 41 although they remain significantly above pre-Covid levels (+33 percent compared to October 2019).
