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Airfreight Insights

Read our Airfreight Insights to find out about the latest developments in the global air cargo industry. Get an update on trade and rate developments as well as flexible solutions offered by cargo-partner to deal with the current challenges.

Current market assessment from February 27, 2023:

As expected, China’s air import tonnages fell just before the Chinese New Year (CNY) on February 10, contributing to a -12% week-on-week decline in overall global air freight tonnages, according to the latest figures. This slump negatively impacted intra-Asia Pacific traffic too. 

In a week-on-week analysis, China’s inbound and outbound air cargo tonnages were down -15% and -2% respectively. This follows a spike in tonnages and rates from China in the two weeks leading up to the Chinese New Year, as shippers rushed to get goods out before the holiday period. Both inbound and outbound tonnages are expected to continue to decline this week.

This pattern is quite similar to last year, although global tonnages are currently above last year’s levels. Comparing the overall global market to this time last year, chargeable weight has increased by +10% and total capacity is up by +16% year-on-year. These digits, especially ex-Asia Pacific, can be at least partly explained by the difference in the timing of CNY this year, which fell nearly three weeks later than in 2023.

Does air freight benefit from the Red Sea crisis?

Another significant development emerged on the trade lanes from the Middle East and South Asia to Europe. Tonnages grew by +6% in the second half of February, accompanied by a +10% increase in average rates on this lane. This surge most likely reflects the conversion of some Asia-Europe ocean freight transports due to the ongoing disruptions to container shipping in the Red Sea.

All of these factors have resulted in air freight rates that are a third lower than last year, although still well above pre-COVID-19 levels (+ 34%).

cargo-partner ranked in “Top 25 Airfreight Forwarder List”

We are proud to announce that cargo-partner once again achieved a rank within the Top 25 Airfreight Forwarder Ranking published by Armstrong & Associates.
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