Global airfreight volumes declined in the first full week of August after a mild rally the previous week, with chargeable weight sinking from all origins, while pricing and capacity inched lower, barely changing from the previous week, according to WorldACD data.
The Middle East was among the weakest-performing markets, along with South Asia, with volumes down 6pc in the first full week of August, outpacing declines in most other major origin regions as global cargo traffic weakened.
Global chargeable weight fell 4% week-on-week in the August 3 to 9 period, with volumes declining from all major origins.
Europe and North America each recorded a 4% drop, while Asia Pacific fell 3% and Africa and Central and South America declined 2%.
The Middle East and South Asia was among the weakest-performing origin markets, with shipments to Europe falling 11% from the previous week, as per WorldACD figures. A 4% drop in global tonnage was recorded compared with the prior week, with single-digit percentage contraction out of all origins.
Volume fell 6% out of the Middle East and South Asia followed by contraction of 4% from Europe and North America. Tonnage from Asia Pacific slipped 3% week-on-week (WoW), while Africa and Central & South America (CSA) registered 2% declines.
According to WorldACD data, the capacity has remained broadly stable since late June, with weekly changes generally limited to 1% in either direction.
The global average airfreight rate fell marginally to $2.95 per kg in week 32 from $2.96 the previous week, its data showed. Rates from Middle East and South Asia fell 1%, while those from Europe increased 1% and rates from Asia Pacific, North America and Central and South America were unchanged.
Despite the recent easing, global airfreight rates remained 22% higher year-on-year, with the region recording the largest increase at 48%.
Spot rates from Asia Pacific to Europe rose 1% week-on-week, driven by higher rates from China and Hong Kong. Rates from Asia Pacific to the United States fell 3%, with declines recorded across most origins, said WorldACD.
The divergence in rates and volumes suggests that freighter capacity previously serving European e-commerce traffic may be shifting to other markets, with transpacific routes emerging as a potential destination for that capacity, it added.
