Airfreight rates on major east-west trades continued to increase on a year ago in May despite analyst figures showing demand declines over the last few months.
The latest figures from the Baltic Exchange Airfreight Index (BAI) show that average rates from Hong Kong to North America in May increased by 21.7% year on year to $9.69 per kg, while they were up 1.2% compared with April.
The increases come as air cargo operations from Asia continue to face disruption. The Shanghai COVID lockdown continued to impact production levels in May, with airlines responding by removing flights.
Jet fuel prices have also surged over recent months.
On the demand side, the latest data from CLIVE Data Services shows another downturn in volumes in May, this time sliding by 8% year on year.
Read more in an article from Air Cargo News.