Despite a predicted end-of-year slowing, global air cargo tonnages in Q4 2023 have concluded the year up 3% compared to the close of 2022, analysis from World ACD has confirmed.
After ‘weeks of stabilizing global tonnages and steady growth in rates, especially outbound China,’ World ACD notes that the final fortnight of 2023 saw overall worldwide tonnages decrease by -4% with a decline in average rates (-3%) primarily driven by freight from the Asia Pacific segment. Regionally, a drop of -15% in tonnages included a decline of cargo departing from the Middle East and South Asia to Europe (-9%) and from Africa to Europe (-8%).
However, although global tonnages for weeks 50 and 51 remained at an elevated level of 5% (driven by a double-digit increase in freight from Asian and Middle Eastern regions), the ‘significant decreases in tonnages ex-North America (-7%) and ex-Europe (-4%)' are ‘far less severe than the deficits reported in previous weeks’.
Worldwide rates are currently -17% below their levels this time last year, although remain 42% up from December 2019; averaging $2.54 per kilo in the penultimate week of 2023.
Overall capacity in 2023 has increased by 11% compared to 2022, with capacity ex-Asia Pacific up by a noteworthy 25%. Significant capacity increases are also evident worldwide, with Central and South America, Africa and Europe all reporting an increase of 9% in capacity.