Airfreight rates soar
In week 46, airfreight rates increased ahead of Black Friday and Thanksgiving, driven by rising demand from Southeast Asia to the US and Europe. Average spot rates from Asia Pacific rose by 4% week-on-week to USD 4.11 per kg, while tonnages from this manufacturing hub also saw a 1% increase. Rates from Asia Pacific to the US reached USD 5.51 per kg, boosted by recoveries in tonnages and prices from Japan, South Korea and Vietnam. Despite an 11% year-on-year decline in average spot rates since April, demand remains strong due to high Chinese e-commerce exports and a trend towards Southeast Asian suppliers.
Notably, demand from Southeast Asia to the US surged by 40% year-on-year in October, with an average increase of nearly 26% for the first ten months of the year. In contrast, air tonnages from China and Hong Kong to the US fell by about 6% year-to-date. This shift indicates a diversification of supply chains, particularly towards Taiwan and Vietnam, where demand for semiconductor chips and electronic components has significantly increased.