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Oct 31, 2024. Weekly Market Updates

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Another week, another meet! Dear freight forwarders.

Let's Talk Numbers!

Stay ahead in the world of international air freight with Pelicargo's Weekly Market Updates. We provide essential insights into economic trends, air freight demand, rate movements, and everything that matters to keep you informed about the market.

-Toby Raworth / Commercial Director, Pelicargo (October 31, 2024)

🕓 5 Min Read

Global & Regional Air Freight Rates

Industry News: Hong Kong Air Cargo Rates Show Varied Trends in October

In October, Hong Kong's air cargo rates showed a mixed performance. Rates to North America initially declined from September’s $5.98 per kg to $5.73 per kg, despite expectations of an uptick due to US port strikes and seasonal demand. The continuation of a weaker-than-expected market and the Golden Week holiday in China impacted rates. However, as the month progressed, prices rebounded slightly to $5.89 per kg.

Rates to Europe, on the other hand, continued their steady rise that began in August, reaching $4.88 per kg in October, up from $4.66 per kg in September. This increase aligns with typical seasonal trends, though the year-on-year improvement, now at 14.6%, has narrowed compared to stronger gains seen in the summer months.

Overall, Hong Kong's air cargo market reflects both seasonal and capacity-driven variations, with transpacific rates fluctuating and Europe-bound rates steadily climbing.