Despite a slight dip in demand from China and Hong Kong to the United States, international air cargo spot rates continue to rise into the late November period. The latest analysis from WorldACD Market Data indicates that rates from Asia Pacific origins to the US have increased for six consecutive weeks, mainly driven by higher spot prices from Hong Kong, Japan, South Korea, and Singapore. Although these increases push the average rate to US$5.63 per kilo, rates remain approximately 8% below last year's levels, reflecting the ongoing impact of tariffs and trade adjustments.
Meanwhile, the volume of air cargo from Asia Pacific to the US shows signs of recovery. While recent week-over-week volumes dipped marginally, overall volumes are 4% higher compared to last year, buoyed by significant growth in countries such as Taiwan, Vietnam, Thailand, and Indonesia. Chinese exports have rebounded from earlier tariffs-related declines, with Hong Kong still experiencing a 15% volume deficit year-on-year, signifying varying regional trade dynamics.
Rates to Europe
Similarly, spot rates from Asia Pacific to Europe have increased modestly, with notable weekly gains from several key markets, including China, Hong Kong, and Japan. However, despite these positive rate movements, the year-on-year comparison remains negative, with prices about 10% lower than last year. Tonnage to Europe from the region remains strong, with growth from Hong Kong and Taiwan supporting overall regional resilience. The market demonstrates a balanced outlook, supported by regional tonnage growth and competitive rates amid fluctuating demand.
