TRANSATLANTIC air cargo corridor has had a weak start to the year, which is in stark contrast to the global market, according to the latest update from Xeneta, reports Mumbai's Stat Trade Times.
"This is one of the world's top three air cargo corridors but in the first two months of this year, demand from Europe to North America was down by four per cent compared to the same period in 2023 and five percent lower than 2019 levels," said Xeneta.
"Interestingly, this trend has also been seen within ocean freight shipping on the transatlantic trade, which saw a four per cent year-on-year decline in demand in January."
Different global story The global air cargo market paints a different picture with double-digit year-on-year growth (11 per cent) in the first two months of 2024 and three percent compared to the same period in 2019.
"This has been driven by factors such as disruptions in the Red Sea and strong demand for e-commerce out of China," said Xeneta.
The decline in demand growth on the transatlantic westbound corridor in 2024 is also a reversal of the trend seen in the final four months of 2023, which saw a four per cent increase compared to the same period in 2019.
Source: shippingazette