New data from WorldACD suggests that airfreight volumes between the Asia Pacific and the US are showing signs of life, while those headed to Europe have declined. This could be an early indicator of a market rebalancing as the US finalizes new tariffs.
For the week ending August 10, chargeable weight from China to the US saw a 1% increase. This follows a 5% jump two weeks prior and marks the first time since mid-April that demand from China to the US has seen a year-over-year increase, rising by 5%.
In contrast, air cargo exports from the Asia Pacific to Europe have dropped for four consecutive weeks, led by decreases from China, South Korea, and Indonesia. WorldACD noted that these opposing trends point to a potential “rebalancing of Chinese airfreight exports and a re-engagement with the US as more tariffs are finalized.”
While recent weeks have shown a decline in Asia-Europe volumes, overall figures for the year are still up 7% compared to last year, driven by strong gains from Vietnam (+29%), Hong Kong (+21%), and China (+8%).
Spot rates on the Asia Pacific to US route rose by 2% week-over-week, but remain 14% lower than last year. Pricing varied significantly by origin:
- Taiwan saw a 9% week-over-week jump, making it the only market in the region with higher rates to the US on a year-over-year basis (+9%).
- South Korea rates dropped by 5% week-over-week, following a 10% slump the previous week.
- Rates from China were up 5% week-over-week, but are still down 11% compared to a year ago.
- Other markets like Japan, Vietnam, and Singapore each saw a 2% decline in rates.
Meanwhile, spot rates from Asia Pacific to Europe were more stable, remaining flat week-over-week and only down 3% year-over-year. While prices from China (-3%) and Hong Kong/Singapore (-2% each) dipped, these decreases were offset by increases from Vietnam (+4%), Japan, Malaysia, and Indonesia (all +3%).
Source: aircargonews.net