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Global air cargo tonnages slide slows

25 July 2023

After declining for several weeks, global air cargo tonnages increased slightly in the second full week of July, mainly driven by stabilising volumes ex-Asia Pacific, whereas rates continued their long-term decline.

Figures for week 28 (10 to 16 July) show a +2% increase in tonnages compared with the previous week, while average worldwide air cargo prices fell slightly (-1%), week on week (WoW), based on the more than 400,000 weekly transactions covered by WorldACD’s data.

Comparing weeks 27 and 28 with the preceding two weeks (2Wo2W), overall tonnages decreased by -3% versus their combined total in weeks 25 and 26, with capacity stable and average worldwide rates down by -1%.

At a regional level, strong drops in tonnages were recorded (2Wo2W) ex-North America to Europe (-16%) and Asia Pacific (-10%), and also ex-Middle East & South Asia to Asia Pacific (-16%) and Europe (-13%). Modest increases were recorded ex-Asia Pacific to North America (+3%) and intra-Asia Pacific (+2%), while traffic between Asia Pacific and Europe dropped -4% on the head-haul westbound direction and -5% eastbound.

On the pricing side, average rates show a small decrease on a regional level for most lanes, on a 2Wo2W basis, with the strongest drop recorded on the flows ex-Asia Pacific to Middle East & South Asia (-4%) and to Europe (-4%), and ex-North America to Europe (-4%) and to Central & South America (-4%). The only positive development in the average rate was recorded ex-Middle East & South Asia to Asia Pacific (+3%).

Source: ACW

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