Global air cargo demand has seen a significant recovery from last year’s levels. Combined tonnages for the peak period of October and November are around 3% higher than last year, according to figures released by WorldACD Market Data. Preliminary tonnages for November are up 5% year on year and up 1% on the previous month.
The report showed that demand slightly dropped in the first full week of December when compared to the previous week, and overall worldwide prices levelled off. China’s strong export figures largely drove air cargo rates for Asia Pacific exports on the big head-haul export lanes to North America and Europe to remain significantly above previous levels.
Preliminary figures for week 49 (December 4-10) show a 2% decrease in tonnages and close to stable global average rates, compared with the previous week. Tonnages followed a similar trend compared to the same period the year before, with a quick recovery from the post-Thanksgiving dip and then a slight weakening the week after. However, this year’s recovery was quicker and stronger than last year.
The impact of post-Thanksgiving recovery can be seen in North America’s exports to Asia Pacific (+12%), Central & South America (+13%), and Europe (+5%). Changes in tonnages between other regions were fairly stable, except between Europe and Central & South America (westbound -6%, eastbound -4%) and between Europe and Africa (southbound -3%, northbound +4%).
Overall available capacity has increased by 12% compared to last year, with capacity ex-Asia Pacific up by +26%. Worldwide average rates were 18% below their levels at same time period the year before, at an average of $2.53 per kilo in week 49. However, the levels remain significantly above pre-Covid levels (+47% compared to December 2019).