The increase in the Asia Pacific region boosts worldwide air cargo prices.

In the first week of September 2024, global air cargo spot rates reached a new high, driven by increased tonnages and rates from Asia Pacific, particularly to North America and Europe. Average global spot rates rose 6% to $2.85 per kilo, a 30% increase year-on-year. Rates from Asia-Pacific surged 41% YoY, while those from the Middle East and South Asia rose 101%. Contract rates also increased by 3% to $2.48 per kilo. Notably, spot rates from China to Europe jumped 18% week-on-week, reflecting a significant demand for air freight.