Air cargo volumes on the China–US trade lane declined in the first full week of June, following a strong surge that began in mid-May.
According to data from WorldACD, flown chargeable weight from China and Hong Kong to the US dropped by 10% in the week ending June 8 (week 23) compared with the previous week. Year-on-year, volumes on this route are down approximately 19%.
Spot rates also saw a decline in the same week, falling 5% from the previous week and registering a 17% drop compared with the same period last year.
WorldACD attributed the spike in May volumes and rates to a temporary boost in demand following a pause in the ongoing tariff dispute between China and the United States. However, that momentum now appears to be waning.
“This significant decrease in both tonnages and rates from China and Hong Kong to the US followed a short recovery over the prior three weeks after the latest round of US import tariffs on Chinese and Hong Kong goods was suspended,” the report noted.
“With the tariff pause still in effect, this latest dip suggests the May rebound was a short-term correction, driven by delayed shipments catching up after the high tariffs introduced in April.”
The softening China–US trade was a key contributor to a 3% week-on-week decline in global cargo volumes during week 23. Year-on-year, global tonnages were down 2%.
China-to-Europe cargo volumes also declined by 5% compared with the previous week, although Hong Kong-to-Europe shipments rose by 2%. Overall, tonnages from the Asia Pacific region were down 4% week on week.
Eid Al-Adha holidays from June 5–8 played a major role in the regional downturn, with sharp declines from Southeast Asia—particularly Malaysia (down 14%) and Indonesia (down 10%). South Korea also saw a 6% drop due to Memorial Day on June 6.
Despite the fall in China outbound spot rates, WorldACD said that average global spot and contract rates remained relatively stable, increasing 1% to reach $2.44 per kg in week 23.