Airfreight Rates Ease Slightly Amid Summer Slowdown

Airfreight rates from Hong Kong saw a mild decline in June, signaling the seasonal summer slowdown. According to the Baltic Exchange Airfreight Index, rates to North America dropped to \$4.99/kg, down from \$5.08/kg in May, marking a 13.2% year-on-year fall. Rates to Europe also dipped slightly to \$4.36/kg. This cooling trend reflects increased bellyhold capacity during the tourist season and reduced demand, impacted by U.S. tariffs and the end of de minimis exemptions on e-commerce. Unlike last year’s Red Sea-driven surge, 2024 shows a more subdued market as geopolitical tensions and regulatory shifts reshape air cargo trends.