Global air cargo tonnages for the full year of 2023 were 5% lower than in 2022. Air cargo numbers have yet to see a significant uplift from the recent disruptions to container shipping in the Red Sea. However, there is likely to be some conversion of sea freight to air freight in the coming weeks if the disruptions continue, according to WorldACD market data.
Contrasted against the preceding fortnight, weeks 51 and 52 of 2023 saw overall tonnages decrease by 17% and overall global average rates down 7%, with capacity down 3%.
While volumes went down significantly across all regions, the global decrease in average rates has mainly been driven by origin region Asia Pacific (-11%, 2Wo2W) – which had recently experienced a surge in rates, especially ex-China.
However, total global tonnages in weeks 51 and 52 were up 5% year on year. These were largely driven by a 17% YoY increase ex-Asia Pacific and a 14% rise ex-Middle East & South Asia, with demand ex-Central & South America also strongly ahead of last year (+7%).