May 2024 has seen a solid global air cargo demand, primarily driven by an e-commerce boom originating from China, according to a report by DHL Global Forwarding. The report also observed a significant year-on-year increase compared to the same period last year.
“Thanks to the e-commerce boom out of China, Asia-Pacific trade is recovering quickly. Global air cargo demand remained solid in May, with a 9 percent year-on-year increase compared to May last year,” said Niki Frank, CEO, DHL Global Forwarding Asia Pacific.
The global air cargo spot rate witnessed its first year-on-year increase in April 2024, the first since August 2022. This surge can be attributed to geopolitical disruptions and a robust demand for e-commerce. High cargo yields in India, China, and Southeast Asia have led airlines to reposition flights to capitalise on these lucrative opportunities.
Global air cargo capacity has also seen an increase, standing at plus 11 percent year-on-year compared to May 2023. This increase is almost exclusively driven by an increase in passenger belly cargo.
These insights are part of the monthly DHL Air Freight State of the Industry which tracks and analyses the latest developments of the global air freight market, providing valuable insights into the industry’s dynamics.
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