Global air freight rates fell back a little last week, according to the latest data from the TAC index.

The price reporting agency (PRA) in air freight said after a strong rise over the previous three weeks, the overall Baltic Air Freight Index (BAI00) was lower by -2.3% in the week to October 16, leaving it down by -32.3% over 12 months. 

"Air cargo rates out of the big Asian hubs were little changed on the week," TAC Index said.

It noted that the index of outbound rates from Hong Kong (BAI30) was off only slightly by -0.1% week-on-week (WoW), leaving the year-on-year (YoY) change lower by only -21.0% — with many factories in southern China still only winding up production again after Golden Week.

The report added that outbound Shanghai (BAI80) was also little changed at -0.9% WoW, leaving the YoY change at -23.2%, with rates to North America still rising. 

Rates from other major locations were generally softer.

TAC Index said outbound Frankfurt (BAI20) dropped -6.2% WoW, despite higher rates to the US, leaving the YoY change at -41.3%.

Outbound London (BAI40) also fell -4.0%, leaving the YoY drop at a precipitous -60.5% — with rates falling again to most major destinations. 

The outbound Chicago (BAI50) index also fell sharply again by -11.5% WoW to leave the YoY change at -48.2%, though the TAC Index pointed out that rates were up again from Miami and other locations in the US to South America.

"Elsewhere, rates were also up again from India both to Europe and the US, as well as from Vietnam to Europe," the report said.