Air cargo demand out of Asia Pacific continues to rebuild after Lunar New Year (LNY), with tonnages from Asia Pacific markets to the US clocking up their sixth successive week-on-week (WoW) increase since the holiday period.
Figures from WorldACD Market Data show that spot prices also rose, with China to US prices at their second-highest level this year.
Tonnages from Asia Pacific markets to the US increased overall by a further 3% in week 12, their sixth successive WoW increase since LNY, driven by increases from South Korea, up 13%; Vietnam, up 6%; Hong Kong, up 5%; and China, up 2%.
Meanwhile, spot prices from Asia Pacific to the US rose 5% WoW, to $5.16 per kilo. China to US prices recorded a second consecutive week of double-digit percentage increases – 12% WoW – taking them to $4.53 per kilo. This was their second-highest level this year, second only to their level in week one.
Spot rates from Hong Kong to the US dropped back by 9% in week 12, but there were substantial increases from Taiwan, up 16%; Malaysia, up 13%; Vietnam, up 10%; and Japan, up 7%.
Asia Pacific to Europe tonnages also recorded their sixth successive WoW increase since LNY, but this rise was a more modest 2%.
WoW tonnages rose from Thailand, up 6%; South Korea, up 5%; China, up 3%; and Hong Kong, up 2%. But tonnages ex-Japan dropped by -8%.
Spot prices from Asia Pacific to Europe also gained 2%, led by 6% WoW increases from China, South Korea, and Taiwan.
The increase in China to Europe spot rates in week 12 follows four successive weeks of WoW declines and takes China to Europe spot prices to US$4 per kilo, around -5% below their average level in January, said WorldACD.
Earlier this month, WorldACD said airfreight demand and rates had stabilised after the LNY peaks and troughs.