WorldACD Weekly Air Cargo Trends (week 29):

Total global air cargo tonnages in the last two weeks have come close to their equivalent levels this time last year, down by just -2%, thanks to some recovery of traffic ex-Asia Pacific, ex-Middle East & South Asia, and from Africa, although average rates have continued their gradual descent, according to the latest weekly analysis by WorldACD Market Data.

Figures for week 29 (17 to 23 July) show a -1% decrease in tonnages compared with the previous week, while average worldwide air cargo prices fell slightly (-0.5%), week on week (WoW), based on the more than 400,000 weekly transactions covered by WorldACD’s data.

Comparing weeks 28 and 29 with the preceding two weeks (2Wo2W), overall tonnages and capacity increased by +1% versus their combined total in weeks 26 and 27, and average worldwide rates were down by -2%.

At a regional level, significant rises in tonnages were recorded (2Wo2W) ex-North America to Central & South America (+14%), ex-Asia Pacific to Middle East & South Asia (+8%), and also ex-Europe to Africa (+8%). Moderate decreases were recorded ex-Middle East & South Asia to Asia Pacific (-7%), ex-Europe to Asia Pacific (-5%), ex-Asia Pacific to Europe (-4%), and intra-Asia Pacific (-3%). Total tonnages ex-North America, meanwhile, were up by +5%, on a 2Wo2W basis, after declining around the time of US Independence Day festivities on 4 July.

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 intra-Asia Pacific flows (-8%), ex-Asia Pacific to Middle East & South Asia (-3%), ex-North America to Europe (-3%), and ex-Europe to Central & South America (-3%).

Year-on-Year perspective

Comparing the overall global market with this time last year, chargeable weight in weeks 28 and 29 was down -2% compared with the equivalent period last year (YoY), with strong decreases in tonnages ex-North America (-13%) and ex-Europe (-7%) almost balanced out by increases in tonnages ex-Middle East & South Asia (+9%), ex-Africa (+7%), and on the big ex-Asia Pacific market (+3%).

Overall capacity has increased by +10% compared with last year, with capacity ex-Asia Pacific up by a noteworthy +35%. Other notable YoY capacity increases can be observed ex-Middle East & South Asia (+10%) and ex-North America (+9%), while a decrease was recorded from Central & South America (-6%).

Worldwide average rates are currently -38% below their levels this time last year, at an average of US$2.28 per kilo in week 29, although they remain significantly above pre-Covid levels (+28% compared to July 2019).