Asia is currently leading the world's top outbound air cargo growth markets. In June, Asian countries occupied all of the top five positions for export tonnage growth.
Additionally, as detailed in a new analysis from WorldACD Market Data, the majority of the strongest outbound growth subregions in the first half of 2024 were from Asia.
In its new analysis, the air cargo market data provider said Hong Kong in June once again topped the monthly country rankings in terms of absolute increases in outbound chargeable weight flown, with an increase of nearly 23 million kgs (23,000 tonnes), compared with June 2023, a year-on-year (YoY) rise of 17% from a subregion seeing exceptionally strong growth in cross-border e-commerce traffic.
It was followed by China South East with an increase of nearly 13 million kgs (up 18%), Thailand (an increase of 9 million kgs, up 25%), China East (an increase of 7 million kgs, up 8%), and India (an increase of 7 million kgs, or up 8%).
On the inbound side, WorldACD said the USA Pacific States subregion again tops the monthly rankings in June for total increases in chargeable weight, with a YoY increase of 13 million kilos (up 16%).
The region is followed by the UAE (an increase of 10 million kgs, up 17%), Germany (an increase of 9 million kgs, up 13%), USA Atlantic South (an increase of 8 million kgs, up 8%), and USA North East (an increase of 7 million kgs, up 11%).
"Unsurprisingly, the single country recording the biggest outbound growth has been China," the report said, adding that it recorded an increase of 30 million kgs in June, based on the more than 2 million monthly transactions covered by WorldACD's data.
For the first half (H1) of 2024, the combined outbound tonnages from China and Hong Kong rose by 24% compared with the first six months of 2023.
WorldACD said this "strong rate" of YoY growth in 2024 follows a 12% YoY rise for the full year 2023.
However, much of that increase last year occurred in the second half (H2) – meaning that YoY comparisons in H2 this year may show lower percentage growth numbers than those seen in H1.
Half-year global growth of +12%
Meanwhile, the analysis by WorldACD of the full global market reveals that worldwide tonnages were up by 12% YoY in the first half of 2024, driven by a 19% YoY increase from the big Asia Pacific origin region and a 20% rise from the Middle East & South Asia (MESA) origins.
Africa recorded an 8% increase), Europe with 7%, Central & South America recorded a 5% rise, and North America posted a 2% YoY growth.
WorldACD said chargeable weight moved back into worldwide YoY growth again last October, with growth continuing since then — following full-year declines in 2022 and 2023 of 6% and 5%, respectively.
"Average worldwide rates in the first half of 2024, based on a full-market combination of contract rates and spot rates, were 8% below their levels in the first half of 2023," the new analysis said, adding that MESA is the only origin region to record a YoY increase (or up 27%) in the first half year, due largely to the disruptions to container shipping across that region caused by the attacks on vessels in the Red Sea.
"However, average global prices have risen back into positive territory, YoY, since May, driven upwards by strong increases in pricing from many Asia Pacific and MESA origin points," WorldACD added.
