In February, global air cargo traffic experienced a temporary decline due to seasonal events and the Lunar New Year holiday, following several weeks of growth. The week ending 15 February saw a 7% drop in worldwide freight tonnage, primarily driven by the end of the Valentine's Day flower export surge and a slowdown in trade activity leading up to the holiday starting on 17 February.
Regional analysis revealed a sharp decrease in tonnage from Central & South America and Africa, attributable to the conclusion of pre-holiday exports. Despite these reductions, overall logistics capacity increased slightly by 2%, helping to cushion the global decline. Comparatively, capacity was up 10% from the previous year, with notable increases in Asia Pacific and Middle East & South Asia regions, owing to the pre-holiday rush for the Lunar New Year festivities.
Price Fluctuations and Trade Patterns
Airfreight rates rose marginally by 2% week-over-week, reaching $2.45 per kilogram, marking a 7% increase over last year. Price variations across different markets reflect seasonal influences and trade flow disruptions caused by the holiday period. Asia Pacific exports from Malaysia and Vietnam surged, possibly due to last-minute loadings, while exports from China and Hong Kong declined.
Trade from North America to Asia declined slightly, impacted by the holiday slowdown, whereas trade flows to Europe decreased due to reduced exports from China and Hong Kong, despite increased volumes from South Korea and Malaysia before the holiday.
In the Middle East & South Asia, weekly volumes dipped but remained higher than last year, with Dubai and Sri Lanka leading growth. Exports from Bangladesh and Sri Lanka experienced significant weekly declines but showed positive annual growth, indicating underlying market resilience.
The overall trend indicates a seasonal pause in air cargo traffic affecting short-term figures, but key growth areas, particularly in Asia Pacific and Middle East, demonstrate robust long-term expansion. Industry analysts expect demand and rates to stabilize as factories reopen after the holiday period.
