Asia Pacific Air Cargo Spot Rates Rise 3% to $4.69
Asia Pacific air cargo spot rates hit $4.69 per kilo in the second week of September. Volumes from the region climbed 4% week on week.
Average spot rates from Asia Pacific origins reached $4.69 per kilo in week 37. This marks a 3% weekly increase and the third consecutive gain. Chargeable weight from the region rose 4% during the same period. Data from GN auto markets/forex: spot rates confirms the upward trend in pricing.
The volume increase partly reflects a rebound from national holidays in Vietnam and Malaysia. Global tonnages and capacity remained broadly stable. Worldwide average spot rates advanced 3% week on week. This global rise was driven by gains in Asia Pacific, Europe, and North America.
Southeast Asia Drives Regional Recovery
Vietnam to Europe volumes rebounded 44% week on week. This followed a 24% drop in the previous week. Malaysia to Europe tonnages recovered 19% after a 30% decline. These patterns mirror the same period last year.
Chargeable weight from Vietnam to the United States rose 24%. This followed a 27% drop in week 36. Malaysia to US tonnages regained 7% after a 9% decline. Capacity from Asia Pacific rose 1% week on week.
Transpacific Demand Strengthens Significantly
Tonnages from Hong Kong to the United States posted a 20% year-on-year gain. Volumes from South Korea rose 53% year on year. Demand for semiconductors and high-tech goods supports these figures. South Korea volumes may be inflated by frontloading ahead of the Chuseok holiday.
Volumes from Taiwan, Vietnam, and Thailand to the US increased by 11%, 2%, and 23% respectively. Singapore and Indonesia to US volumes rose 26% and 33% year on year. Japan to US tonnages are up 25% year on year over the last five weeks.
China to Europe Volumes Lags
Asia Pacific to Europe tonnages rose 2% weekly in week 37. Volumes remain down 6% year on year. North American volumes dropped 14% due to Labour Day holidays. Total worldwide capacity is up roughly 2% year on year.
