Global air freight prices are continuing to rise, according to the latest data from TAC Index.

The price reporting agency for air freight noted that the overall Baltic Air Freight Index (BAI00) rose a further +4.0% in the week to 4 December, taking its gain over the last four weeks to +17.2% and cutting its decline over 12 months to -17.0%. 

Out of China, however, the surge in rates has been much stronger in recent months, led by a continuing rise in e-commerce business.

It said that the index of outbound routes from Hong Kong (BAI30) — still the world's biggest airport by cargo volumes — rose a further +4.7% week-on-week (WoW) to complete a MoM gain of +19.2% and put it in positive territory YoY by +0.5%, with gains on all major lanes.

The outbound Shanghai (BAI80) index gained only a further +1.1% WoW but is now ahead by +7.3% YoY. 

Out of Europe, the market also showed some signs of firming — with outbound Frankfurt (BAI20) gaining +4.1% WoW, led by higher rates to North America, though it was not up much MoM and still at -47.3% year-on-year (YoY).

TAC Index said in the announcement that outbound London (BAI40) lost ground again after recent gains — shedding -3.6% WoW with rates to North America weakening, to leave that index languishing at -59.1% YoY. 

Out of the US, the outbound Chicago (BAI50) index continued its recent volatile pattern with a surge in rates to South East Asia, helping to cut its YoY decline to -42.0%.

"Overall, rates from the US to China were also rising, while outbound Vietnam rates continued a recent surge with further chunky increases to both the US and to Europe," the report from the price reporting agency for air freight said.