The air cargo market saw volumes decline in the first week of July as US Independence Day celebrations put the brakes on growth.
The latest figures from data provider WorldACD show that demand was down 5% in the first week of the month compared with the prior week.
WorldACD said the result includes a fall of 13% from North American origins due to July 4 celebrations, which also contributed to an 8% fall from Central & South America (CSA) and declines of 4% from Europe and 3% from Asia Pacific.
Volumes have been on a flat trajectory since the start of June due to the industry entering the quieter summer period.
There was a 1% week-on-week decline for the week ending June 16, a 4% fall the following week before rising 4% and then falling 5% at the start of July.
However, volumes remain far above the year-ago level.
“Worldwide tonnages were up, year on year (YoY), by 11% in week 27, roughly in line with the figure for June and for the second quarter of 2024 as a whole,” WorldACD said.
“For weeks 26 and 27 combined, tonnages were up by 13%, YoY.”
Source: WorldACD
WorldACD figures for worldwide freight rates show that prices were up 2% week on week to $2.57 per kg in week 27, based on spot and contract rates.
This was driven by a rise from Asia Pacific where rates increased by 3%.
“That figure of $2.57 per kilo is a rise of +14%, YoY, with prices also still up very significantly compared with pre-Covid levels (+48% compared to July 2019),” WorldACD said.
“Average spot rates from Asia Pacific to the US stood at $5.72 per kilo in week 27, up +68%, YoY. Around half of Asia Pacific tonnages to the US originate from China and Hong Kong, where average spot rates in week 27 of $5.34 per kilo and $4.84 per kilo represented YoY increases of +38% and +12%, respectively.”
Airfreight rates remain firm in June
