Air cargo export rates have surged in week five (January 29 to February 4), the full final week ahead of lunar new year on February 10, 2024, according to a WorldACD market data report. The report suggests that the surge comes ""as shippers rush to get goods shipped before the lunar new year holiday period."" This surge has helped a continual rise in global air cargo demand and rates.
Cargo shipments from China to North America increased by 14% week on week (WoW). Similarly, China to Europe rates increased by 8% WoW. However, these rates were still below the fourth quarter peak levels reported in early December.
The reportv identified some conversion of China-Europe sea freight to sea-air shipments, via the Gulf and to some extent via the US west coast, as a result of disruptions and delays to shipping in the Red Sea. However, it is ""unclear"" as to how much of an extent this has had on the week five cargo rates.
Total worldwide tonnages for weeks four and five 2023 were up by 25% year-on-year. However, Asia Pacific exports rising by 70% has ""massively skewed"" the YoY figure. Exports from Middle East and South Asia also saw a 20% rise, most likely due to the sea to air cargo conversion.
China air cargo exports soar ahead of Lunar New Year
