February air cargo rates up 84pc worldwide. but many suffer
FEBRUARY demand in weight increased 1
28 March 2021 - 19:00
February rates were up 84 per cent year on year, while being 79 per cent up over the first two months of the year.
'Worldwide, the trend may be positive, but in many markets, the reality is different,' said World Air Cargo Market Data (WorldACD).
'Asia Pacific, one of the six main regions charted by WorldACD, is in a class of its own, emphasising the increasing importance of the region in world trade,' said WorldACD.
'Except from the sub-region Australasia and the Pacific (down 26 per cent year-over-year), air cargo exports kept growing, particularly from the sub-regions China and North East Asia, showing year-over-year growth figures of 46 per cent and 24 per cent respectively,' it said.
'The entire region's air cargo output grew by 19 per cent year-over-year, by six per cent vs the bumper year 2018. In imports, Asia Pacific was seven per cent above 2020, two per cent above 2019, but four per cent below 2018. It is noteworthy that the business intra-Asia Pacific grew much less than the exports to other regions.' said WorldACD.
WorldACD declared that the other 19 sub-regions have a drastically different picture.
'Apart from three small sub-regions (central Africa, Mexico, and central Asia), all showed a decrease in outgoing business in 2021 compared to each of the three foregoing years. Hardest hit are South Asia, with a decrease of around 24 per cent vs each of the three earlier years, North Africa (down 23 per cent), Southern Africa (down 20 per cent), the Gulf Area (down 17 per cent) and Canada (down 16 per cent).
'Of the larger 15 city-to-city markets growing by more than 100 per cent year-over-year in Jan/Feb, only two had Shanghai as their origin, and one Hong Kong. The 12 other markets had diverse origin cities, including Paris, Liege, Nairobi, Beirut, Los Angeles, and New York. The highest MoM growth was recorded in the market from Japan to US Midwest, in kilogrammes, but also in yields/rates.' said WorldACD.
Looking at cargo types, WorldACD announced that general cargo continued to outperform special cargo.
'The highest rates in air cargo at the moment are paid for business originating in South Korea, both eastbound and westbound: demand for Covid-19 diagnostic kits and a sea/air transfer play an important role here,' said WorldACD.
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