Air cargo demand drops again in second week of April

Worldwide air cargo demand continued its decline in the second full week of April, albeit at a slower pace than recorded the week before, according to statistics from WorldACD Market Data B.V., the Dutch air cargo analysis firm.

Figures for the week of April 10 show a continuation of the decreasing trend in air cargo tonnages observed since mid-March, but with a week-on-week drop of just 2% compared to an 8% decline reported last week. 

That declining demand also weighed down the rates that carriers could charge, pushing average global air cargo prices to continue their decline with a further 2% drop, week on week, WorldACD said.

Comparing the overall global market with this time last year, chargeable weight in the weeks of April 3 and April 10 was down 12% compared with the equivalent period last year – a return (after March’s 8% drop) to the double-digit percentage declines seen in the preceding five months. At the same time, overall capacity has jumped by 12% compared with the previous year.

The combined effect of those swings is that worldwide rates are currently 37% below their levels this time last year, at an average of $2.56 per kilo in the week of April 10, despite the effects of higher fuel surcharges, although they remain significantly above pre-Covid levels.