Worldwide air cargo tonnages have continued to recover slowly from the Lunar New Year dip, according to WorldACD's cargo report. The new year dip was “shallower” than last year, however, the report added.
Global tonnage declined 13% during the new year period. In the week following the new year period's close, global tonnages rebounded 3%.
Tonnages from Asia Pacific origins rebounded 15% in the week after dropping around 35% in the Lunar New Year. However, last year's new year period saw Asia Pacific origin tonnages drop almost 60%.
“The overall increasing trend of e-commerce demand since last year might have contributed to this dynamic, but the trends and underlying factors for air cargo tonnages from China and Hong Kong are rather complex this year and remain difficult to interpret, especially until we are well clear of the effects of [the Lunar New Year] and recent US ‘de minimis’ rule changes, and reversals,” WorldACD said in its report.
Spot rates from Asia Pacific origins in the week averaged at $3.54 per kilo, up 2% compared to the previous week and 9% higher than the same period last year.