Air cargo spot rates from Asia Pacific origins continued their upward trend in the first week of November, according to the latest data from WorldACD Market Data. The rates increased by +2% week-on-week to reach US$3.99 per kilogram, contributing to a global average increase of +1% to US$2.78 per kilogram. Notably, the most significant weekly rise was observed in spot rates from Central & South America, which increased by +8% to US$1.87 per kilogram.
Despite the rate increases, total worldwide tonnages declined by -3%, driven by reduced chargeable weight from multiple regions including Asia Pacific, North America, and CSA. The downturn in Asia Pacific was partly due to national holidays in Japan and Malaysia, which significantly impacted tonnage from Japan to global markets, dropping by -11% week-on-week.
Factors Influencing Capacity and Rates
Other factors influencing capacity included Typhoon Kalmaegi, which primarily affected the Philippines during this period. Nonetheless, overall worldwide capacity remained stable, with minor fluctuations observed compared to previous two-week periods. Market conditions continue to reflect strong demand and capacity constraints, exacerbated by surges in Chinese e-commerce exports and historical rate highs from the previous year.
The data indicates that air freight markets remain dynamic, with rates maintaining elevated levels amid fluctuating tonnages and capacity impacts from seasonal and weather-related disruptions. Overall, the outlook suggests persistent challenges and opportunities for carriers and shippers navigating this regional variability.
