Average worldwide air cargo rates regained a further 4% in the third full week of March, according to WorldACD's cargo data report. The report added that the increase puts the rates back to mid-January levels, rebuilding after the Lunar New Year dip.
Average global spot rates gained 5% in the week, reaching $2.69 per kilo in the week of March 17 to March 23, while contrast rates increased 3%, averaging at $2.40 per kilo, compared to the same period last year. Global chargeable weight volumes were 3% higher than the same period last year.
Most origin regions saw spot rate increases, including central & south America, which was up 13%, Asia Pacific — up 5%. China to US spot rates surged 12%, reaching $4.53 per kilo, the second highest this year. Overall, Asia Pacific to US tonnages were up 3% with South Korea, Vietnam, Hong Kong, and China being key drivers with increases of 13%, 6%, 5%, and 2%, respectively.
Asia Pacific to US spot rates increased from Taiwan, Malaysia, Vietnam, and Japan at 16%, 13%, 10%, and 7%, respectively. However, Hong Kong to US rates fell 9%.