Global air freight prices were slightly lower overall last week, according to the latest data from TAC Index.

The price reporting agency (PRA) on air freight said the overall Baltic Air Freight Index (BAI00) calculated by TAC was lower by 1.4% in the week to July 1, though still ahead by 10.4% over 12 months — reflecting what is still a stronger than usual market for the summer period, with peak season still some months away.

TAC Index noted that rates out of China were also slightly down overall, though up again on many lanes to Europe.

It added that the index of outbound routes from Hong Kong (BAI30) was off 0.3% WoW, leaving it still well ahead YoY by 21.1%.

Outbound Shanghai (BAI80) was also a tad lower by 0.4% WoW but still a long way up by 42.1% YoY.

Rates out of India were up yet again to Europe, leaving them not far from a three-fold increase over 12 months.

Out of Vietnam, rates were also slightly up again to Europe, though falling back a little to North America.

While rates were lower overall from most major hubs, outbound London (BAI40) was an exception, with a gain of 4.4% WoW — gains on most lanes from there helped cut the YoY fall to 27.2%.

Rates from Europe overall were up on big lanes to the US and Japan, but the index of outbound routes from Frankfurt (BAI20) fell 3.1% WoW, leaving the YoY decline for that index at 18.3%.

From the Americas, after some recent strong gains, rates from Chicago (BAI50) maintained their volatile short-term pattern, with a steep fall of 14.2% WoW, pushing the YoY decline back up to 32.0%.

Overall, rates from the US were lower on most major lanes, including to South America, Europe and China.