The latest statistics from data provider WorldACD show that airfreight demand out of China and Hong Kong to the US declined slightly last week while rates increased.
Figures from WorldACD show that in the week running to 6 April (week 14) demand from China and Hong Kong fell by 1% week on week for the first time since the start of the year, although volumes remain 3% higher than the same week a year ago.
Demand out of Asia Pacific as a whole was down by around 7% week on week.
Meanwhile, pricing ex-Asia Pacific jumped 4% week on week with the average spot rate out of the region going up 5%, to $3.94 per kg.
Overall air cargo demand across the globe also weakened in week 14, with WorldACD stats showing a 7% week-on-week decline.
The data firm said half of this decline reflected the Eid holidays at the end of Ramadan, while the other half reflects “worldwide uncertainty over a trade war triggered by the latest wave of US tariffs and the removal of US de minimis exemptions for shipments from China and Hong Kong”.
Compared with last year, demand is up 6%.
On the pricing front, average rates out of every region were also on the rise, apart from Central and South America, climbing 2% on last week to $2.52 per kg. Against a year ago, prices are up 2.9%.
However, WorldACD said the situation could change in the coming weeks due to the trade war between China and the US that will see Washington implement tariffs of 145% on imports from China and Beijing respond with its own 125% rate.
The US also put on hold tariffs to several other countries for 90 days.
“As the new US tariffs that have not been put on hold for 90 days came into effect on Wednesday, 9 April, the impact is expected to be more clearly visible on certain trade flows in next week’s report,” WorldACD said.