CHINA's air import tonnages dropped sharply in the final few days leading up to Lunar New Year (LNY) February 10, according to the latest figures from WorldACD Market Data, reported Sydney's Asian Aviation.
This contributed to an intra-Asia Pacific 12 per cent traffic fall in overall global tonnages, week to week, said the WorldACD weekly report.
Analysis of week 6 (5 to 11 February) indicates that China's inbound air cargo tonnages slumped by 15 per cent, week to week in the seven days to February 11, while the country's outbound tonnages held up better with a decline of two per cent as the LNY holiday week approached.
That follows a surge in tonnages and rates ex-China in the previous two weeks, as shippers rushed to get goods shipped before the holiday period. Both inbound and outbound tonnages are expected to fall further this week.
Average global rates held firm and rose slightly in week 6, as they did in the equivalent week last year (week 3) ahead of LNY, based on the more than 400,000 weekly transactions covered by WorldACD's data.
Initial analysis suggests that the patterns this year are broadly similar to last year, although global tonnages so far are well above last year's levels.
Average worldwide rates of US$2.39 per kilo in week 6 are 14 per cent below their levels this time last year, one of the narrowest year-on-year gaps seen in the last 12 months.
Overall worldwide air cargo capacity remains significantly up on last year's levels (up 16 per cent), boosted by 40 per cent rise ex-Asia Pacific, a 16 per cent increase ex-Middle East and South Asia, and a 13 per cent rise ex-Central & South America, although capacity from all the main regions is up year on year.
Source: shippingazette