Global airfreight tonnage declined by 4% year on year in March, according to the latest figures from WorldACD, as the ongoing war in the Middle East continued to disrupt flows and reshape pricing.
The drop marks a clear slowdown after global air cargo demand had grown by 8% year on year in January and by 7% in February.
WorldACD said the Middle East and South Asia region absorbed the largest share of the downturn, with tonnage down 21% compared with the same month last year. Africa also posted a significant decline of 13%, while Europe was down 5% and Asia Pacific fell 4%.
Although cargo volumes weakened, pricing moved sharply higher. WorldACD said the loss of capacity in the Middle East, combined with rising fuel costs and additional war risk surcharges, pushed global rates 12% above last year’s level in March. That compares with a 1% decline in January and a 5% increase in February.
Average rates were especially elevated from the most disrupted origin regions. WorldACD said March pricing was up 52% from the Middle East and South Asia, 24% from Europe and 18% from Africa.
Looking at weekly performance, the data provider said worldwide airfreight tonnage fell by 4% week on week in the period from 30 March to 5 April, with the Middle East and South Asia the only origin region not to register a decline.
It said the broader weekly slowdown was at least partly linked to the Easter weekend. Volumes from the remaining origin regions dropped by between 3% from Asia Pacific and 9% from the Americas.
Earlier this month, Xeneta said freight forwarders and airlines were still seeing resilient demand as shippers sought to protect market share and service levels. However, the company also warned that if the conflict drags on over a longer period, there is a real risk that airfreight demand will begin to weaken more materially.
