In February, global air cargo spot rates from Shanghai to the U.S. dropped 29% to $3.23 per kg, potentially signaling the impact of U.S. regulatory changes on e-commerce. The slowdown in demand has shifted some focus back to Hong Kong and southern China, as capacity increases in those areas. Overall air cargo demand rose by 4% year-on-year, but the market is affected by trade tensions and uncertainties, leading stakeholders to adjust strategies. Airlines are reconsidering routes, while shippers and freight forwarders are delaying negotiations amidst fluctuating demand and pricing.

Source: https://www.stattimes.com/air-cargo/slump-in-shanghai-spot-rates-indicator-for-e-commerce-volumes-1354668