The Asia Pacific region led the way as global air cargo witnessed a worldwide year-on-year (YoY) weight increase of 1.1% and a yield/rate increase in USD of 84% in February, according to WorldACD.
The strong showing in February was due to a surge at the end of the month that offset the substantial volume drop in the middle of the month.
Asia Pacific was the main driver of the positive trend. The region’s air cargo output grew by 19% YoY, as well as by 14 % compared to 2019, and by 6% versus 2018. In imports, Asia Pacific was 7 % above 2020 and 2% above 2019, but 4% less than in 2018. The growth in exports from the region to other regions was much higher than the rate of intra-Asia Pacific exports.
The only sub-region that went against the overall trend was Australasia & the Pacific, where figures fell 26% year-over-year. The highest growth was recorded by the sub-regions of China and North East Asia, which showed YoY growth figures of 46% and 24 % respectively.
“Due to the annually changing dates of Chinese New Year (CNY), we traditionally look at the months of January and February together,” said WorldACD. “Though counting one day less than in the leap year 2020, the YoY figures for these two months are + 0.9 % in weight and +79% in yield/rate (in USD). Within the two months’ period, yields/rates increased by 4% MoM and the load factors went up by 3.2 % points MoM.”
Exports fell in other regions except in sub-regions of Central Africa, Mexico and Central Asia). South Asia was the most badly hit, with a decrease of around 24% vs each of the three earlier years. The corresponding figures for North Africa was -23%, Southern Africa -20%, the Gulf Area -17% YoY and Canada, -16 % YoY.
“Digging a few levels deeper, we are reminded that air cargo is not only about business from Shanghai and Hong Kong, important though these markets may be: of the larger 15 city-to-city markets growing by more than 100 percent YoY in Jan/Feb, only two had Shanghai as their origin, and one Hong Kong. The 12 other markets had diverse origin cities, including Paris, Liege, Nairobi, Beirut, Los Angeles and New York. The highest MoM growth was recorded in the market from Japan to USA Midwest, in kilograms, but also in yields/rates,” the report said.
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