Global air cargo spot rates rise 38% year-on-year in October

Global air cargo spot rates increased by 5% in the week ending 25 October, reaching US$3.80 per kg, up 38% year-on-year, according to WorldACD Market Data. Strong demand from Asia-Pacific and South Asia markets, alongside the upcoming Diwali, Thanksgiving, Black Friday and Christmas peaks, is expected to support air cargo demand and create opportunities for Middle East cargo operators amid growing freight flows.

Global cargo volumes were up by 2% year-on-year, despite a 2% week-on-week decline, while capacity constraints and elevated fuel costs continued to put pressure on the market ahead of the peak fourth-quarter season.

Cargo volumes from Asia-Pacific to the US increased by 9% year-on-year. Meanwhile, worldwide full-market rates, including spot and contract prices, rose by 31% year-on-year to US$3.33 per kg.