Air cargo tonnages softened in the third week of July from most of the world’s main regions, with few signs of any last-minute surge in tonnages ahead of the latest US tariff deadline, currently set for 1 August.
According to the latest weekly figures and analysis from WorldACD Market Data, worldwide tonnages dipped by -2%, week on week (WoW), in week 29 (14–20 July) following three weeks of relatively stable volumes in late June and early July. Origin regions Africa, Asia Pacific, Central & South America (CSA), and Europe each recorded a -3% WoW fall in chargeable weight, while Middle East & South Asia (MESA) showed only a small decline (-1%), and North America tonnages remained flat, based on the more than 500,000 weekly transactions covered by WorldACD’s data. The pattern is indicative of a seasonal slowing linked to the start of the northern hemisphere’s summer holiday period.
Asia Pacific to Europe volumes fall
Nevertheless, there were some noteworthy variations for certain markets. For example, flown tonnages from Asia Pacific to Europe fell quite significantly in week 29 (-6%, WoW), including substantial WoW declines from most of the big origin markets within Asia Pacific, including China (-8%), Hong Kong (-7%), Japan (-3%), and South Korea (-9%), and from most of Southeast Asia. On the pricing side, spot rates were more or less stable overall from the Asia Pacific region to Europe in week 29 (+1%, WoW) at US$3.86 per kilo, with the biggest mover being a +13% WoW rebound in spot rates from Japan origins, and there was a +6% WoW rise from South Korea.
Globally, average worldwide rates edged up slightly (+1%, WoW) to $2.44 per kilo, based on a full-market average of contract rates and spot rates, with spot rates also edging up +1% to $2.66 per kilo. The biggest movement was from Africa origins, where spot rates surged by +13%, WoW, to $2.30 per kilo. Global spot rates and full-market average rates are slightly below their level this time last year (-1%, YoY), with spot rates from Asia Pacific down by -7%, YoY, and spot prices from MESA -20% below their inflated level this time last year.
Asia Pacific to US movements
Meanwhile, following big drops in the previous week, tonnages from various Southeast Asia origin markets to the US rebounded strongly in week 29, with Vietnam (+10%, WoW), Thailand (+18%), Malaysia (+13%) and Indonesia (+52%), regaining most or all of the volumes lost the previous week. Along with a +9% WoW rebound from Japan origins to the US, the increases more than compensated for a -1% WoW decline in tonnages from China and Hong Kong combined, lifting tonnages from Asia Pacific to the US back into positive territory (+3%, WoW) following a -5% WoW decline in week 28. But the increase in chargeable weight from Southeast Asia origin to the US in week 29 seems more reflective of a rebound in tonnages from the fall experienced the previous week, rather than a last-minute surge ahead of the 1 August US tariff deadline.
Average spot rates from Asia-Pacific to the US edged downwards by -1% in week 29 to $4.82 per kilo, with the biggest change coming from South Korea, where spot rates dropped by -16%, WoW, while spot rates increased from Japan by +8%.
Source: WorldACD
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