Global airfreight volumes declined in the first full week of August, reversing the mild rally recorded a week earlier, as chargeable weight fell across all major origins. At the same time, global capacity and pricing edged lower, remaining broadly stable compared with the previous week.
According to the latest WorldACD data, global chargeable weight declined 4% week-on-week (WoW) in Week 32, covering 3–9 August. Volumes contracted across all regions, led by a 6% decline from the Middle East and South Asia (MESA). Europe and North America recorded 4% declines each, while Asia Pacific fell 3%. Africa and Central & South America (CSA) saw smaller declines of 2% each.
Despite the weekly decline, global airfreight traffic remained 1% higher year-on-year (YoY) in Week 32. Most origins recorded YoY growth of between 1% and 2%, while Europe was the only region to register a decline, slipping 1%.
On a two-week-on-two-week (2Wo2W) basis, global chargeable weight declined 1%. Asia Pacific and North America were the main contributors to the decline, falling 2% and 3%, respectively. MESA and Europe grew 1%, while volumes from Africa and CSA remained unchanged.
Asia Pacific traffic weakened across key trade lanes, with volumes to Europe, North America and within the region declining. The only exception was MESA, where traffic increased 1%. North American exports to Asia Pacific fell 6%, while shipments to Europe declined 5%. Traffic to CSA, however, increased 2%.
European exports presented a mixed picture, growing 3% to both North America and MESA, while declining 1% to Asia Pacific and Africa. Volumes to CSA remained flat.
Typhoon disrupts Asia-Pacific airfreight
Asia Pacific emerged as a key pressure point during the week, with traffic to both Europe and the US falling 4% WoW. Japan was a notable exception, with chargeable weight to the US rising 12% and shipments to Europe increasing 3%.
Most other Asian origins recorded declines in volumes to the US. Malaysia was the only other major market to register growth, rising 4%, while Taiwan and Indonesia recorded declines of 11% and 10%, respectively.
The decline was sharper on the Europe lane. Indonesia recorded an 18% drop in chargeable weight, followed by Taiwan at 14% and Malaysia at 12%.
The region’s performance was also affected by Typhoon Dolphin, which disrupted operations across China, including evacuations in Shanghai and Beijing and more than 1,000 flight cancellations in Shanghai alone. The storm also caused delays at the Port of Shanghai and other Chinese maritime gateways, potentially increasing the likelihood of some exporters shifting cargo from ocean to air.
Chargeable weight from Shanghai fell 8% WoW, including declines of 4% to North America, 7% to Europe and 12% on intra-Asia Pacific routes.
Exports from mainland China declined 5%. The market was affected not only by the typhoon but also by the continuing impact of the end of the European Union’s ‘de minimis’ exemption for e-commerce shipments. China-to-Europe chargeable weight was down 8% YoY, while Hong Kong-to-Europe traffic plunged 29%.
MESA-Europe volumes weaken
Airfreight traffic from MESA to Europe declined 11% WoW, with most origins in the region recording mid- to high-single-digit declines. Sri Lanka was the notable exception, posting a 15% increase.
On a YoY basis, traffic on the MESA-Europe lane was down 13%, driven by a 62% decline from Dubai and a 4% decline from India.
MESA exports to the US declined 1%. A 23% fall from Colombo and an 8% decline from India offset strong growth from Dubai, which rose 37%, and Bangladesh, which increased 15%.
Capacity remains largely stable
Global airfreight capacity declined 1% WoW, reflecting 1% contractions from Asia Pacific, MESA and North America. Capacity from Europe and CSA remained unchanged, while Africa recorded a 1% increase.
Capacity has remained relatively stable since Week 27, covering 29 June–5 July. Weekly movements since then have generally remained within a narrow range of plus or minus 1%, with only low-single-digit shifts across individual regions.
Rates ease marginally
Airfreight pricing also softened slightly, with lower fuel costs contributing to the recent easing in rates. The global average rate fell from $2.96 in Week 31 to $2.95 in Week 32, after reaching $3.00 in Week 29.
Rates from Europe increased 1% WoW, while pricing from Asia Pacific, CSA and North America remained flat. MESA rates declined 1%, while Africa recorded a sharper 5% drop.
Despite the recent softening, global pricing remained 22% higher YoY, with increases ranging from 8% in CSA to 48% in MESA.
Asia Pacific-Europe spot rates increased 1% WoW, supported by a 6% rise from China and a 3% increase from Hong Kong. These gains offset declines from other Asian origins, including South Korea (-6%), Singapore (-5%), Taiwan (-4%) and Japan (-4%).
Meanwhile, Asia Pacific-US spot rates fell 3%, with most origins registering single-digit declines. Hong Kong increased 3%, Thailand rose 1%, while Vietnam remained unchanged.
The divergence between Europe-bound and transpacific pricing out of Asia Pacific could point to a shift in freighter capacity. The resilience of China- and Hong Kong-Europe rates, despite the end of the EU’s e-commerce de minimis exemption, alongside weaker transpacific rates, suggests that freighter capacity previously dedicated to e-commerce flows into Europe may be moving towards other markets, with the transpacific trade emerging as a likely destination.
