Global air cargo rates have been gradually increasing since the beginning of March 2024, when they were still more than 10% below last year’s levels. At the start of this month, average prices exceeded 2023 levels for the first time this year, rising by +2%. Since then rates have stabilized, with a slight further increase in week 21 (20 to 26 May) to +4% year on year (YoY).
More detailed analysis shows that this increase in the worldwide average rate is partly explained by the growing volumes on the long haul markets from Asia Pacific, where rates are relatively high. If we adjust for volume effects, the average worldwide rate in week 20 and 21 is still -2% below the level of last year.
