Worldwide air freight rates rose to a 2024 high in November at US$2.76 per kilo, despite a slight decline (-2 percent) in air loads compared to October, although demand and pricing remain higher far from their already high levels last November, according to the latest figures and analysis by WorldACD market data.
These figures reflect air freight markets around the world that remain relatively strong, including previously in the Asia-Pacific region, but where good advance planning by air freight stakeholders appears likely to avoid a major peak season capacity crunch. A very sharp rise in prices in the last weeks of the year.
However, global average rates in November rose by +6 percenton a monthly (monthly) basis, based on the full market average of spot and contract rates, taking them to their highest level since January 2023 and +11 percent Higher, year on year (YoY). The largest increases on a monthly basis came from Europe (+10 percent) and Central and South America (CSA, +9 percent) assets, based on more than 450,000 weekly transactions covered by WorldACD data. Average worldwide spot prices rose to US$3.09 per kilogram in November, an increase of +$21 year-on-year. percentwhile contract prices worldwide averaged $2.67 per kilo, i.e. +10 percent Rising, annually.
But total global tonnages in November were down -2 percent from the previous month, with the largest percentage decline coming from Middle East and South Asia (MESA, -11 percent) origins, which have been very high for most of this year. But the -4% month-on-month decline from European origin was responsible for a similar decline in tonnage – reflecting lower passenger capacity since the start of the winter aviation season from October 27, including reductions in passenger services by European airlines to and from China. .
Weekly analysis
On a weekly basis, average global full market prices in week 48 (November 25 to December 1) increased by an additional +2. percentwow, to US$2.84 per kilo, also the highest level this year, with the peak season for air freight in the fourth quarter approaching its peak. Spot interest rates rose +3 percentweek over week (wow), to US$3.22 per kilo, thanks to increases from the Asia-Pacific region (+4 percentF), North America (+3 percent), Europe (+2 percent), and CSA (+1 percent), which together result in a global year-on-year increase of +19 percent.
Meanwhile, global shippable weight at week 28 decreased by -3 percentCompared to the previous week, though this is primarily due to -17 percent WoW dropped from its North American origins due to the Thanksgiving holiday in the USA on November 28. Excluding cargo to and from the USA, global tonnage was flat, F, at week 48.
Growth continues from the Asia Pacific region to Europe
Within that +4 percent Stunning increase in spot prices from Asia-Pacific origins Prices to Europe have risen significantly, wow, from most major Asia-Pacific markets, leaving them at or near their highest levels so far this year, including China ($5.10/kg , +7 percent F), Hong Kong ($6.25, +9 percent), Japan ($4.97, +6 percent), South Korea ($5.49, +6 percent), Taiwan ($4.07, +5 percent), and Vietnam ($4.88, +3 percent). All of these levels are well above their levels in the corresponding week last year, including year-over-year increases of more than +30. percent from Japan and Vietnam, with an annual increase of +46 percent From Taiwan.
Although volumes were flat on a global basis, the freightable weight flown to Europe in week 48 rose more, surprisingly, than China (+3 percent), Hong Kong (+5 percent) and Vietnam (+4 percent), and it was more than +20 percent Higher, on an annual basis, than China (+24 percent), Hong Kong (+27 percent), Japan (+29 percent) and Vietnam (+25 percent) Origins.
