China's exports to the U.S. declined in February.

February data indicates a decline in air cargo from China and Hong Kong to the USA, down 10% year-on-year, contrasting with a 4% increase for Europe. Spot rates to the USA averaged $3.80 per kilo, 9% lower than last year, while rates to Europe rose 17% to $4.58 per kilo. The weaker U.S. market may reflect adjustments by Chinese e-commerce shippers due to changes in U.S. customs exemptions. Nonetheless, total global tonnages increased by 5%, driven primarily by Asia Pacific and Central & South America, while worldwide rates rose slightly, averaging $2.32 per kilo.