Asia Pacific export tonnages and rates continue to rise post-Lunar New Year

Asia Pacific saw an 8% increase in export tonnages and rates in week 11 over week 10, marking a sustained lift five weeks on from the Lunar New Year dip in early February. The WorldACD Market Data's weekly air cargo report attributed the air cargo increases to the attacks on container shipping in the Red Sea as well as a growing demand for cross-border e-commerce shipments. Notably, Asia Pacific to Europe routes saw the most substantial surge in tonnages at 15% and rates at 8%. Meanwhile, the Middle East & South Asia (MESA) region experienced a surge in demand and rates, with a 17% increase in tonnages and a notable 9% increase in rates compared to the previous weeks. The report said: “This could be related to decreasing capacity in the last 2 weeks, since the start of Ramadan, although the impact is typically stronger at the end of Ramadan, when there is a holiday period.” Globally, air cargo capacity remains significantly higher than last year, with a notable increase in capacity from Asia Pacific and Central & South America. Despite a slight decline in total worldwide tonnages compared to the previous week, average global rates rose by 3%, reflecting a 6% increase over the past two weeks. Overall, while average global prices have decreased compared to last year, they remain substantially higher than pre-Covid levels at 32% above March 2019.