International air freight rates are declining as a general softness following the peak season is observed in various regions.

Last week, global air freight rates saw a slight decrease, with the Baltic Air Freight Index dropping 3.3% compared to the previous week and 3.6% year-on-year. Rates from China to Europe and the US were lower week-on-week but remained higher year-on-year. In South East Asia, significant declines in rates were noted, particularly from Vietnam and Bangkok. European routes to the US and Mexico also experienced reductions, while rates to China and Japan increased. The US saw rising rates to South America but a decline in rates to Asia.