While air freight rates from China have softened in the last week, we are seeing much bigger price drops across the Atlantic, with savings of up to 40% to and from some US cities offering a significant US/UK air freight opportunity.
Global air cargo is beginning to stabilise and while volumes are around 30% less than a year ago, the market is a lot less bleak than it was just a few weeks ago.
For both imports and exports for major USA cities we are currently experiencing a 30-40% reduction in air freight cost since the C19 outbreak
“We are currently experiencing a 30-40% reduction in air freight cost”
In the same period export volumes to North America have declined more than import flows and despite a recent ‘recovery, export flows are still roughly half the volume of the same week in 2019, while import volumes reduced by around 30%.
In absolute terms, the export decline is even greater, as the export flow is roughly 30% larger than the import flow.
Last week, the load factors in both direction were 24% higher than in the same period in 2019; with export flights at 91%, and import flights at 73%.
With more transatlantic cargo capacity coming online and most US states starting to emerge from lockdown we expect rates to fluctuate in the weeks to come and will be the first to report any changes in its condition, good or bad.