Global air cargo tonnages rebounded with a 6% week-on-week increase in week 42 (Oct. 13 to 19), according to the latest weekly figures from WorldACD Market Data, driven by a strong recovery in traffic from Asia Pacific origins following the end of China's 'Golden Week' holiday period and other holidays in Asia.
The air cargo market data provider said after dropping 3% the previous week due mainly to China's mid-autumn festival and national holidays in Taiwan and South Korea, the 6% week-on-week (WoW) rebound in week 42 was stronger than that recorded in the equivalent week last year.
Tonnages from Asia Pacific origins rose by 14%, WoW, after falling 9% the previous week, taking them 8% higher than in week 42 last year.
Analysis by WorldACD, based on the more than 500,000 weekly transactions covered by WorldACD's data, indicates that excluding the Asia Pacific upswing the data would show a modest 1% WoW rise in worldwide tonnages in week 42.
[Source: WorldACD]
WorldACD said average worldwide rates were also restored to their level immediately prior to the holiday season, recording a 3% WoW increase to US$2.48 per kilo — based upon a mix of spot and contract rates — due chiefly to a 2% rise in Asia Pacific origin rates, and the rise in Asia Pacific volumes driving up the proportion of higher-yield cargo.
Asia recovery dominates
Drilling down further into the post-holiday rebound from Asia Pacific in week 42, WorldACD noted that a particularly strong WoW recovery of Asia Pacific to US tonnages were observed (17%, WoW), especially from China (24%), Hong Kong (22%), Taiwan (24%) and South Korea (96%), with the latter being due to recovery from that country's 'Chuseok' (Oct. 5-8) and 'Hangeul' (Oct. 9) national holidays.
In comparison, Asia Pacific to Europe tonnages rebounded by 14%, WoW, in week 42.
"Looking specifically at China and Hong Kong (CN/HK), CN/HK to US tonnages are below last year's levels," WorldACD said.
It pointed out that CN/HK to Europe tonnages, on the other hand, are above last year – mainly reflecting diversion of CN/HK-origin e-commerce volumes from the US market to other destinations since the removal by the US of the 'de minimis' exemptions on low-value US imports.
