In the week ending 6 July, air cargo spot rates from Asia to Western Europe averaged USD 3.75 per kg, a 4% decline compared with the same week last year. The drop broadly mirrors the global trend, which saw rates fall by 5% over the same period.
Rates out of Hong Kong and mainland China held up comparatively well, easing by just 1–2% year-on-year. This resilience comes despite a shift in freighter capacity from the transpacific market to the Asia–Europe corridor. The relative firmness is likely underpinned by robust cross-border e-commerce flows: according to China Customs, outbound low-value e-commerce shipments from China to Europe surged by 77% in May compared with a year earlier.
Elsewhere, the picture was less optimistic. Vietnam saw the steepest fall, with outbound rates plunging 32% to USD 3.29 per kg, as additional capacity weighed on the market. Japan was the lone bright spot, registering a modest 5% year-on-year increase in its spot rates.
