The global air cargo tonnages in November surged by 5% over last year, extending year-on-year gains of September and October, according to WorldACD Market Data.

This growth was mainly led by traffic originating in the Middle East and South Asia region, which was uo 11% over last year followed by Asia Pacific (+8%), and Central & South America (CSA, +6%) origins, although in absolute terms the biggest factor was the YoY increase in cargo from Asia Pacific origins.

These figures point to steady y-o-y growth in Q4, it stated in the latest weekly figures and analysis.

On a month-on-month basis, average weekly volumes in November were 3% higher than in October. Asia Pacific and Central & South America posted the strongest increases, up 5% and 6%, respectively. Middle East & South Asia rose 3% and Africa 2%, while North America and Europe slipped 2% and 1%, it added.

Southeast Asia drives US-bound surge

Asia Pacific’s performance varied sharply by destination. Tonnages to the US rose about 6% year-on-year in November, driven almost entirely by Southeast Asia. Shipments from China and Hong Kong, Japan and South Korea to the US all fell.

Combined China-Hong Kong volumes to the US dropped 8% year-on-year in November. China-to-US cargo declined 5%, while Hong Kong-to-US shipments fell 14%.

By contrast, Southeast Asia-to-US volumes jumped roughly 42% as US importers shifted sourcing away from China amid higher tariffs and the end of “de minimis” exemptions.

Flows to Europe showed the opposite trend. China-Hong Kong volumes to Europe rose 8% year-on-year in November, contrasting with the sharp decline to the US. China-to-Europe traffic increased more than 5%, while Hong Kong-to-Europe shipments climbed 14%.

Worldwide average airfreight rates reached $2.65 per kg in November, up 7% from October. The strongest gains came from Central & South America (9%) and Asia Pacific (8%).

Spot rates rose 7% month-on-month to $2.87 per kg, led by double-digit or near-double-digit increases from Central & South America, Asia Pacific and Europe. But global spot prices were still 5% lower than a year earlier. 

According to WorldACD Market Data, the year-on-year spot declines were recorded across all major regions except Africa, which rose 6%. Middle East & South Asia spot rates were 26% lower than a year ago, it added.-TradeArabia News Service