Lunar New Year – all eyes on Asia!
Global air cargo tonnage rose by 2% y-o-y in January, significantly below last year’s +11% average, which was due to tougher comparisons, softer e-commerce demand and an earlier ‘Lunar New Year’ (LNY).
In week 5 (27 January - 2 February), tonnage dropped by 12% w-o-w, driven by a 33% decline in volumes from Asia-Pacific, as factories shut for the LNY (29 January). This was partially offset by rises from Central and South America (+16%) and Africa (+11%), boosted by greater flower shipments for Valentine’s Day.
January rates averaged USD 2.44/kg, up by 7% y-o-y, with spot rates at USD 2.67/kg (+17%). Week 5 saw a 2% drop in global average prices to USD 2.42/kg, due to the Asia-Pacific region’s volume decline, despite rising rates from Mesa (+33%), the Asia-Pacific region (+11%) and Africa (+12%).
China–US e-commerce trends remain uncertain, due to new customs rules, with the LNY masking the full impact. (ah)