THE first week of 2024 witnessed a further drop in worldwide air cargo tonnages, following the customary decline in the latter half of December, reports the American Journal of Transportation.
According to the latest data from WorldACD Market Data, preliminary figures for week 1 (January 1 to 7) revealed a six per cent decrease in global air cargo tonnages compared to the previous week.
Notably, this New Year decline is likely influenced by the inclusion of January 1 in the week one figure.
WorldACD's data, covering over 400,000 weekly transactions, indicates a recovery from the substantial 30 per cent decline experienced in the second half of the previous month.
Average worldwide rates also displayed a less pronounced drop, decreasing two per cent in the first week of 2024, compared to a seven per cent decline in the second half of December.
Key contributors to the week-over-week decline in tonnages of down six per cent were air cargo routes originating from Asia Pacific to North America and Middle East & South Asia, both experiencing a 17 per cent decrease, along with intra-Asia Pacific routes witnessing a 13 per cent drop.
While the global week-to-week patterns align with those of previous years, it's notable that tonnages in the first week of 2023 remained stable compared to the previous week, whereas this year saw a continued decline.
The difference may be attributed to the fact that week one last year (January 2 to 8) excluded January 1, which was a holiday in many parts of the world.
Expanding the comparison period to two weeks, the combined tonnages for week 52 of 2023 and week one of 2024 showed a 28 per cent decrease compared to the preceding two weeks.
Average rates fell five per cent, accompanied by an eight per cent decrease in capacity.
Source: shippingazette