Global air freight rates continue to rise

This is evident from the latest monthly report by the Dutch analyst WorldACD. The latest statistics underscore previous analyses indicating that the air freight sector continues to benefit from increasing demand for cargo space, driven by rising e-commerce volumes from Asia (particularly China) and ongoing logistical challenges in the Red Sea.

The average price per kilogram worldwide increased to $2.50 per kilo as a result. This represents a 44% increase compared to the pre-COVID July of 2019. In the first quarter of this year, the average rate was $2.30, with an additional 15 cents added in the second quarter (reaching $2.45). It appears that the third quarter will once again bring good news for carriers and forwarders in the air freight sector, with further price increases expected.

WorldACD further reports that there are significant global variations in rates across different freight routes. For example, in July, spot rates between China and the US were at $5.80 per kilo, representing a 70% increase compared to July 2023. In contrast, freight rates from Europe saw a much smaller increase of 6% over the past twelve months. Meanwhile, there was a decline in freight rates to Africa, with a decrease of 5%.

Liege airport

The growth of the air freight market was also reflected in the volume figures for Liège Airport in July. The Walloon airport saw its volume increase by 17% to 81,474 tons. The number of cargo flights also rose by 18% to 2,259. New flights were added by Fly Khiva, Hong Kong Air Cargo, My Freighter Airlines, Beijing Capital Airlines, Ninatrans, and the Fracht Group, contributing to this growth.