Worldwide air cargo recorded a +2% year-on-year (YoY) tonnage increase in January, well below the +11% average growth last year, facing tougher comparison figures, moderating e-commerce volumes, and an earlier-than-last-year slowdown ahead of Lunar New Year (LNY) holidays in East Asia.
According to the latest weekly figures and analysis by WorldACD Market Data, total worldwide tonnages dropped by -12% in week 5 (27 January to 2 February), week on week (WoW), after rebounding in the previous three weeks from air cargo’s normal, seasonal end-of-year slump.
That -12% WoW drop was entirely due to a -33% decline in chargeable weight flown from Asia Pacific origins because of the annual two-week closure of most factories in China and some other East Asian countries due to LNY. LNY this year took place on 29 January, whereas last year it was on 10 February, adding complexity to YoY comparisons with January 2024.
The -33% WoW drop in tonnages from Asia Pacific in week 5 was partially offset by WoW increases from Central & South America (CSA, +16%) and Africa (+11%) – boosted by higher flower volumes ahead of Valentine’s Day on 14 February – and a +4% increase from North America origins. Nevertheless, total worldwide tonnages in week 5 were down by -14% compared with the same week last year, based on the more than 500,000 weekly transactions covered by WorldACD’s data. Alongside a -29% YoY drop from Asia-Pacific origins, there were also YoY falls from Europe (-7%), Middle East & South Asia (MESA, -5%), and North America (-1%).
Based on a full-market mix of spot rates and contract rates, average worldwide air cargo prices in week 5 fell back by around -2% to $2.42. Prices from each of the world’s main origin regions actually rose, WoW, with the overall average decline resulting from the big drop in tonnages flown from Asia Pacific origins, reducing the proportion of cargo from those higher-yield origin markets. Average worldwide rates stand +5% above their already high levels this time last year, driven by YoY increases from MESA (+33%), Asia Pacific (+11%) and Africa (+12%).
