Worldwide air cargo rates decline as capacity improves.

Global air cargo rates decreased by 1% to $3.13 per kg for the week ending July 5, 2023, following a 2% decline the prior week, despite rising tensions between the US and Iran that may impact future pricing. Air cargo volumes also fell for the second consecutive week, down 2%, with North America experiencing a significant 10% drop due to the Independence Day holiday. However, year-on-year volumes remain 4% higher, led by an 8% increase from Asia Pacific. Notably, Taiwan's cargo to Europe surged by 20%, while Hong Kong's volumes to Europe declined sharply due to new EU import rules.