WorldACD weekly air cargo trends (week 22): Tonnages continue downward trend in early June

The downward trend in air global cargo tonnages has continued into early June, with average rates also continuing the year-long pattern of slow year-on-year (YoY) decline, according to the latest weekly figures from WorldACD Market Data.

Figures for week 22 (29 May to 4 June) show a decrease of -6% in tonnages and -1% in average global air cargo prices, week on week (WoW), after tonnages showed an increase of +3% in the last full week of May – based on the more than 400,000 weekly transactions covered by WorldACD’s data. As WorldACD reported last week, data on global tonnages for the full month of May show a decrease of -6% compared to the previous year, an improvement compared to the first quarter (-11%, year on year) and April (-10%, year on year).

Comparing weeks 21 and 22 with the preceding two weeks (2Wo2W), overall tonnages decreased by -1% versus their combined total in weeks 19 and 20, with slight changes in capacity (+1%) and average worldwide rates (-1%).

At a regional level, all origin regions showed a downward trend in tonnages on a 2Wo2W basis, except for ex-Middle East & South Asia (+6%) and ex-Asia Pacific (flat).

Region to region, notable increases can be observed outbound Middle East & South Asia to Europe (+13%) and outbound Asia Pacific to Middle East & South Asia (+8%). Significant drops in air cargo tonnages can be reported on the flows outbound North America to Asia Pacific (-7%) and Europe (-6%), and outbound Central & South America to Europe (-8%) and North America (-7%).

Meanwhile, average pricing decreased slightly, on a 2Wo2W basis, from all of the main origin regions, with rates outbound Europe to Asia Pacific showing the most notable change (-4%).

Year-on-Year Perspective

Comparing the overall global market with this time last year, chargeable weight in weeks 21 and 22 was down -8% compared with the equivalent period last year. The most-notable changes include a double-digit percent decrease in year-on-year (YoY) tonnages ex-North America (-18%), ex-Europe (-9%) and ex-Asia Pacific (-6%), while traffic ex-Middle East & South Asia is up +6%, YoY.

Overall capacity has increased by +11% compared with the previous year, with double-digit percentage increases from all regions except North America (+8%) and Central & South America (-12%). The most-notable increase was ex-Asia Pacific (+29%).

Worldwide average rates are currently -38% below their levels this time last year, at an average of US$2.43 per kilo in week 22, although they remain significantly above pre-Covid levels.