In February, air cargo spot rates from Hong Kong generated the highest yield among major Asian export hubs to Western Europe. The spot rate reached USD 5.06 per kg, marking a 16% year-on-year increase—outperforming the global average of USD 2.53 per kg, which saw a 10% annual growth.
In comparison, Southern China, another key e-commerce export region, recorded a 6% year-on-year rise, bringing its spot rate to USD 3.99 per kg during the e-commerce off-season.
Meanwhile, Malaysia’s outbound market experienced the most substantial increase, with spot rates surging over 50% year-on-year to USD 3.05 per kg.
Uncertainty is never good for businesses or global trade, and recent developments could bring significant disruptions and reshape market dynamics. The unpredictability surrounding sudden US tariffs and the potential removal of de minimis exemptions on Chinese shipments, coupled with the possible return of ocean container shipping to the Red Sea, may lead to increased freighter capacity and disrupt the current growth trajectory. On the other hand, the proposed US fees on Chinese-built ships could throw ocean shipping schedules into disarray, driving up freight rates and even prompting a shift from sea to air.
