Air cargo prices fall in April
Civil Aviation Resource Network News on May 7, 2023: According to Aircargo News, air freight rates on major east-west trade routes dropped in April. The latest statistics from the Baltic Exchange Air Cargo Index (BAI) show that prices are falling between Asia and Europe, Asia and North America, and on both sides of the Atlantic. The drop is unusual as rates tend to rise slightly in April compared to March, or at least stay the same.
The average price (both contract and spot) paid by freight forwarders from Hong Kong to North America fell to US$5.20 per kilogram in April, compared with US$5.38 per kilogram a month earlier. Compared with last year, the trade price has dropped by 45.7%, but it is still higher than the level of 3.60 US dollars per kilogram in the month before the epidemic in 2019.
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A similar trend was seen on services from Hong Kong to Europe, with freight rates dropping to $3.99 per kilo in April, compared to $4.15 per kilo in March. Transaction prices in April were down 33.6% compared to last year, but higher than the level of $2.65 per kilogram in the month of 2019. The average price from Frankfurt to North America fell from $3.37 per kg in March to $3.08 per kg in April. Prices in April were 43% lower than a year ago, but up from $2.19 per kilogram in 2019.
Market indicators suggest that the market may have seen a small improvement at the start of the year, but the decline in interest rates suggests that this eased in April, at least temporarily. Willie Walsh, Director General of the International Air Transport Association, said: "Air cargo has experienced a relatively volatile first quarter. In March, overall demand fell back below pre-epidemic levels, and most indicators of the basic drivers of air cargo demand fell. Weakness or weakening. Despite the difficult trade environment, there is some good news. Airlines have been helped in coping with volatility, yields remain elevated and fuel prices have eased from unusually high levels."