AIR cargo spot rates on global basis edged up in October to their highest level of the year despite volumes out of Asia declining due to the Golden Week holiday, according to WorldACD.
Statistics from the data analyst show that air freight spot rates increased by one per cent week to week in the week ending October 6 (week 40) to US$2.84 per kg even though volumes fell by five per cent on a week earlier.
The largest drop off in demand came out of the Asia Pacific region as the Golden Week holiday was celebrated and factories from across the region were closed, reported London's Air Cargo News.
Demand out of the region was down 7 per cent week on week, WorldACD said, although there was also weakness out of Europe and Middle East/South Asia (MESA).
'A 14 per cent week-on-week fall in intra-Asia Pacific traffic was the biggest factor in the seven per cent week-on-week drop in Asia Pacific origin tonnages, responsible for more than for two-thirds (68 per cent, or five percentage points) of that decline.
'And within that intra-Asia Pacific decline in traffic, intra-Asia tonnages ex-China were down by 21 per cent week on week.
Meanwhile, the increase in rates came from a one per cent increase from Asia Pacific, two per cent from Africa and five per cent from Central and South America.
When contract rates are taken into account, average global air freight rates were up two per cent week on week to $2.65 per kg.
SeaNews Turkey
Statistics from the data analyst show that air freight spot rates increased by one per cent week to week in the week ending October 6 (week 40) to US$2.84 per kg even though volumes fell by five per cent on a week earlier.
The largest drop off in demand came out of the Asia Pacific region as the Golden Week holiday was celebrated and factories from across the region were closed, reported London's Air Cargo News.
Demand out of the region was down 7 per cent week on week, WorldACD said, although there was also weakness out of Europe and Middle East/South Asia (MESA).
'A 14 per cent week-on-week fall in intra-Asia Pacific traffic was the biggest factor in the seven per cent week-on-week drop in Asia Pacific origin tonnages, responsible for more than for two-thirds (68 per cent, or five percentage points) of that decline.
'And within that intra-Asia Pacific decline in traffic, intra-Asia tonnages ex-China were down by 21 per cent week on week.
Meanwhile, the increase in rates came from a one per cent increase from Asia Pacific, two per cent from Africa and five per cent from Central and South America.
When contract rates are taken into account, average global air freight rates were up two per cent week on week to $2.65 per kg.
SeaNews Turkey
