Air cargo tonnages from Hong Kong to Europe have plummeted in the weeks surrounding the start of new EU import duty rules on 1 July, down by more than -20% by mid-July compared with their levels this time last year and in early June.
According to the latest weekly figures from WorldACD Market Data, chargeable weight from Hong Kong to Europe fell by another -5% in week 29 (13 to 19 July), the fifth consecutive week-on-week (WoW) decline. That meant Hong Kong to Europe volumes were down by almost one quarter (-24%) compared with the equivalent week last year. And averaged across weeks 26 to 29, tonnages were down by -18%, year on year (YoY), based on the more than 500,000 weekly transactions covered by WorldACD’s data.
