Global air freight tonnages and average air cargo rates are following the typical end-of-year slowing down pattern, after weeks of stabilizing global tonnages and steady growth in rates, according to figures from WorldACD Market Data.
Despite market uncertainties in recent months, the fourth quarter of 2023 is on track to finish strong, posting the first quarter of the year to end with positive growth for tonnage. Q4 of 2023 is expected to finish 5% above the same period last year, after Q3 was down 3%, Q2 was down 8%, and Q1 was down 11%. This means that overall global tonnages for the full year 2023 will end up being 5% lower than in 2022.
Worldwide average rates are currently 17% below their levels this time last year, at an average of US$2.54 per kilo in week 51, although they remain significantly above pre-Covid levels (+42% compared to December 2019).
