The region’s manufacturing dominance continues to power global tonnage increases, contributing 56% bongdaso dữ liệu the global +12% year-on-year increase in tonnages in the first 10 months bongdaso dữ liệu 2024, according to analysis by WorldACD Market Data.
Asia Pacific origin markets are continuing to contribute an outsize share bongdaso dữ liệu worldwide air cargo growth this year, generating more than half (56%) bongdaso dữ liệu the global +12% year-on-year (YoY) increase in tonnages in the first 10 months bongdaso dữ liệu 2024, according to analysis by WorldACD Market Data.
The region’s strong contribution this year means Asia Pacific’s share bongdaso dữ liệu worldwide outbound tonnages overall has risen two percentage points to 41% from 39% last year, well ahead bongdaso dữ liệu Europe on 24%, Central & South America on 14%, Middle East & South Asia (MESA) with 9% bongdaso dữ liệu global volumes, and North America’s 8% market share. Africa’s share bongdaso dữ liệu both outbound and inbound air cargo traffic remained stable at 4%, based on the more than 2 million monthly transactions covered by WorldACD’s database.
After origin Asia Pacific with its 56% share bongdaso dữ liệu global tonnage growth this year, Europe came in as the second origin region accounting for a much lower 17% bongdaso dữ liệu global tonnage growth. But the buoyant MESA region contributed 14% bongdaso dữ liệu outbound tonnage growth this year, despite its smaller 9% share bongdaso dữ liệu global volumes, bolstered by traffic shifting to air this year due to continuing disruptions to the region’s ocean freight markets.
Vulnerables/High-tech dominates special cargo growth
Within Asia Pacific’s 56% share bongdaso dữ liệu worldwide growth in the year to date (YtD) to the end bongdaso dữ liệu October, general cargo contributed almost two thirds (64%), boosted by large volumes bongdaso dữ liệu e-commerce traffic flying consolidated as general cargo, while special cargo generated 36%. And that special cargo element was dominated by the vulnerables/high-tech product category, which made up around 80% bongdaso dữ liệu growth in special cargo.
Among the top 5 individual airport or city origin growth markets, the world’s busiest air cargo gateway Hong Kong also remained the biggest single generator bongdaso dữ liệu YoY outbound growth in October, as it has for much bongdaso dữ liệu this year. Hong Kong’s +15% YoY tonnage increase generated around twice the growth in absolute chargeable weight bongdaso dữ liệu second-placed Miami, even though the latter had recorded +31% YoY growth compared with its tonnages in October last year. Dubai was the third-biggest outbound growth market, thanks to its +45% YoY increase in October, closely followed by Shanghai and Tokyo.
Special cargo drives Hong Kong outbound increase
For Hong Kong, all bongdaso dữ liệu that growth in October was generated by special cargo, predominantly vulnerables/high-tech, with general cargo recording a slight YoY fall in chargeable weight. Miami’s growth was a balance bongdaso dữ liệu general cargo and special cargo, whereas growth from Dubai, Shanghai and Tokyo came mainly from general cargo.
Dubai topped the list bongdaso dữ liệu October’s top 5 inbound YoY growth markets, thanks to a +19% increase, closely followed by Frankfurt, New York, Singapore and Miami. For all five, that growth was led by general cargo, with special cargo making up around one quarter to one third bongdaso dữ liệu the growth – led by vulnerables/high-tech for all except New York, where temperature-controlled (predominantly pharma) shipments were the biggest special cargo import growth category.
Meanwhile, the top 5 YoY decreases in inbound tonnages were recorded in Teheran, Beirut, Beijing, Dhaka, and Zaragoza, with Teheran’s and Beirut’s inbound tonnages almost completely wiped out: tonnages at both airports were down by -96%, YoY, in October, as most commercial flights to and from Iran and Lebanon were suspended last month.
Dhaka, Beirut and Zaragoza – affected by political unrest, conflict, and flooding, respectively – also featured in the top 5 markets posting the biggest outbound decreases in October, followed by China’s Qingdao and Mexico’s Guadalajara.
October increases in rates, capacity and tonnages
According to analysis by WorldACD, worldwide chargeable weight flown in October rose by +8% compared with the previous month, and was +11% higher than in October last year. All six major global origin regions recorded month-on-month (MoM) and YoY increases in October, including double-digit percentage MoM increases in tonnages from Europe (+12%), Central & South America (CSA, +11%), North America (+10%), and Africa (+10%). And for the 10 months to the end bongdaso dữ liệu October, all six regions contributed YoY increases to the total chargeable weight growth bongdaso dữ liệu +12%, with Middle East & South Asia (MESA, +18%) and Asia-Pacific (+17%) recording the biggest YtD increases.
Capacity, meanwhile, rose by +2% in October compared with the previous month, and by +5%, YoY, on a YtD basis capacity increased by +6%. Average worldwide rates, meanwhile – based on a full market average bongdaso dữ liệu spot rates and contract rates – edged up by a further +1% in October compared with September, taking average prices +12% higher, YoY. The biggest YoY rates increases in October came from MESA (+49%) and Asia-Pacific (+17%), as has been the case for much bongdaso dữ liệu this year. There were notable MoM rates increases in October from CSA (+5%) Africa (+4%), Europe (+3%), and Asia-Pacific (+2%) origins.
Rates and tonnages consistently higher in 2024 since week 20
WorldACD’s figures indicate that worldwide total chargeable weight has been above last year’s levels for most bongdaso dữ liệu 2024, and since week 8 it has been consistently higher every single week. On the pricing side, average worldwide full market rates took likely longer to overtake last year’s levels, but since week 20 they have been consistently higher than the equivalent week last year. Averaged across the first 10 months bongdaso dữ liệu 2024, YtD average full-market worldwide rates are roughly the same as their equivalent levels last year.
Source: https://www.worldacd.com/trend-reports/monthly/asia-pacific-generating-more-than-50-bongdaso dữ liệu-worldwide-air-cargo-growth/
At the inaugural Global Air Cargo Summit, held in Antalya, Türkiye, the International Civil Aviation Organization (ICAO) forecasted that air freight volumes will grow by an...
The imposition bongdaso dữ liệu new U.S. tariffs on foreign-made vehicles and components is causing significant disruptions in the global automotive supply chain. Airfreight, often a linchpin...
Global trade uncertainty is prompting air cargo shippers and freight forwarders to favor short-term contracts over longer-term agreements, as highlighted in a recent Xeneta...
U.S. plans to end tariff-free access for low-value shipments from China and Hong Kong, coupled with a new 145% tariff rate on Chinese imports, are projected to slash over...
Trade groups warn bongdaso dữ liệu higher ocean shipping costs and disrupted supply chains, while U.S. officials argue the policy aims to strengthen domestic shipbuilding and enhance economic...
Since January, the Trump Administration has announced and delayed multiple tariffs on imports from Canada and Mexico, further destabilizing the cross-border freight market....
As global supply chains adjust to post-pandemic realities and shifting trade dynamics, the air cargo industry in the Asia-Pacific (APAC) region finds itself at a pivotal crossroads.
Global tonnage improved +3% in week 15 (April 7-13) after the previous week’s drop bongdaso dữ liệu -7% as markets that had closed for the Eid-al-Fitr holiday came back on stream, but comparison...
E-commerce continues to be a key growth driver for air cargo, fueled by rising consumer demand and the rapid expansion bongdaso dữ liệu emerging markets, even as regulatory barriers increase.
The International Air Transport Association (IATA) has maintained a positive outlook for air cargo, emphasizing that the majority bongdaso dữ liệu global trade remains unaffected by the...
en