Air cargo spot rates from China to Europe have held relatively steady over the summer, despite nearly one-fifth more capacity being deployed on the route than a year ago. A likely explanation lies in shifting e-commerce flows. Since the US tightened its “de minimis” rules in May, more online orders have been diverted to Europe. According to China Customs data, low-value and cross-border e-commerce export value to Europe nearly doubled in July compared with a year earlier, reaching their second-highest level on record—just shy of June’s peak.
