Hong Kong to Europe air cargo tonnage drops 24% as EU customs fees take effect, marking five weeks of decline amid changing trade dynamics.
Air cargo tonnage from Hong Kong to Europe fell 24 per cent year on year in week 29, marking five consecutive weekly declines after the European Union removed its de minimis exemption and introduced new customs fees on 1 July, reported London's Air Cargo Week.
WorldACD Market Data stated that chargeable weight from Hong Kong to Europe dropped another 5 per cent week on week in mid-July, leaving volumes nearly one quarter lower than a year earlier. China-Europe traffic also weakened, down 10 per cent year on year in week 29.
Combined tonnages from China and Hong Kong to Europe fell 11 per cent year on year across weeks 26 to 29, while the rest of the global market grew by 5 per cent. Vietnam and Thailand also saw declines of 9 per cent and 11 per cent respectively in week 29.
The downturn has been linked to the EU's new import rules, which replaced the EUR150 exemption (US$170) with a fixed EUR3 fee per item and stricter reporting requirements. Hong Kong has been most affected due to its heavy reliance on e-commerce shipments.
In contrast, transpacific volumes proved more resilient. Cargo from China to the US rose 19 per cent year on year in week 29, while Hong Kong-US traffic increased by 8 per cent. Overall Asia Pacific to US volumes climbed 15 per cent year on year.
Spot rates from China to Europe fell 5 per cent week on week to US$4.17 per kilo, though they are still 8 per cent higher than last year. Average Asia Pacific-Europe rates stood at $4.63 per kilo, which is 20 per cent above year-ago levels.
Global average air cargo rates were US$3.00 per kilo in week 29, up 23 per cent year on year, while worldwide spot rates reached $3.46 per kilo, 30 per cent higher than last year. Capacity edged up 1 per cent week on week despite disruptions in the Middle East.
