Global air freight rates decreased by 4.1% in the week ending February 24, though they remain 14.8% higher than a year ago, according to TAC Index. Rates from China to Europe and the U.S. dropped, while outbound routes from Hong Kong and Shanghai also saw declines but remained significantly up year-over-year. In Europe, rates rose to China and the U.S. but fell to Japan, with Frankfurt experiencing a notable decrease of 15%. Meanwhile, rates from the U.S. to various destinations, including Europe and China, declined, though they are mostly still higher than last year.

Source: https://www.stattimes.com/air-cargo/global-air-cargo-rates-decline-4-china-rates-down-to-europe-us-1354576