The beginning of August saw a continuation of the decreasing tonnages witnessed in recent months, while rates on a global level have stabilized during the last four weeks, according to the latest figures from WorldACD Market Data.
Figures for week 31 (31 July to 6 August) show a -3% drop in tonnages compared with the previous week, while average worldwide air cargo prices increased just slightly (+1%), week on week (WoW), based on the more than 400,000 weekly transactions covered by WorldACD’s data.
At a regional level, significant decreases in tonnages were recorded (2Wo2W) ex-North America to Asia Pacific (-12%) and ex-Asia Pacific to Europe (-6%). Furthermore, volumes into Europe were falling ex-Central & South America (-4%) and ex-Africa (-4%), the same as volumes into Central & South America from North America (-4%) and from Europe (-4%). There was only one notable increase recorded, on the flow ex-Middle-East & South Asia to Europe (+5%).
On the pricing side, overall average rates remained stable (2Wo2W), and also on a regional level, varying between -2% and +2% maximum.
Year-on-Year perspective
Comparing the overall global market with this time last year, chargeable weight in weeks 30 and 31 was down -6% compared with the equivalent period last year (YoY), with strong decreases in tonnages ex-North America (-19%) and ex-Europe (-8%). The only increase was recorded ex-Middle East & South Asia (+3%).
Overall capacity has increased by +9% compared with last year, with capacity ex-Asia Pacific up by a noteworthy +31%. Other double digit percentage YoY capacity increases can be observed ex-Middle East & South Asia (+11%) and ex-Africa (+10%), while a decrease was recorded from Central & South America (-5%).
Worldwide average rates are currently -37% below their levels this time last year, at an average of US$2.28 per kilo in week 31, although they remain significantly above pre-Covid levels (+33% compared to August 2019).
