In latest figures from WorldACD Market Data, global air cargo rates in December 2023 are 50% above their pre-Covid levels in same time period 2019. There has been a significant rebound in the months prior in demand and pricing, especially ex-China.
Worldwide average rates are currently 16% below their levels this time last year, at an average of $2.69 per kilo in week 50, although they remain significantly above pre-Covid levels (50% compared to December 2019).
Year-on-year, total global tonnages in weeks 49 and 50 strengthened +5%, with Asia Pacific and Middle East & South Asia leading at 16% and 10%. Despite a 16% decrease in rates compared to last year, rates remain 50% above December 2019 levels. Overall available capacity increased by 11% YoY, with Asia Pacific showing a significant 25% surge.
Week 50 data (11-17 December) indicates stability in global tonnages and average rates, surpassing last year's recovery from the post-Thanksgiving dip. Comparing weeks 49 and 50 with the preceding two weeks, overall tonnages increased by 1%, and global average rates rose by 2%, with capacity up 1%, signalling stabilisation in demand and pricing typical for mid-December.
The main driver for the recent increases has been a surge in tonnages and rates ex-Asia Pacific, especially China, volumes ex-Asia Pacific have now flattened, although there have still been some modest rises in average rates ex-Asia Pacific, especially to North America (4%), on a 2Wo2W basis.