Air Cargo Rates Slacken but will Rebound in Q4 During Peak Season
Global air cargo rates and volumes have continued to decline these last few weeks.
According to the American Journal of Transportation, worldwide chargeable weight increased one per cent compared with the week before, and the average worldwide rate decreased slightly.
Average worldwide rates decreased two per cent and chargeable weight fell six per cent, while overall capacity remained stable compared to the previous two weeks.
Chargeable weight from the Middle East dropped 19 per cent and South Asia to Europe and Asia Pacific dropped 17 per cent. Overall outbound chargeable weight from Asia Pacific dropped by 5 per cent.
Outbound chargeable weight from North America appears to have stabilised, although it remains down eight per cent compared to the previous year.
In a recent interview with Logistics & Supply Chain Management Society, President, Dr. Raymon Krishnan “Pre-COVID, this quarter and the lead up to Thanksgiving and the Christmas peak season is what we used to call the slack season, and that is now back. This is simply one indication that we are emerging into what some of our partners are calling the better normal.
It just appears concerning to some because for the first time in two years, we’re seeing a decrease in volumes but if you look at it compared to previous years prior to the pandemic, trade is still strong, and volumes are still high”.