Global air cargo traffic fell 8.3%

According to the International Air Transport Association (IATA), global air cargo traffic fell 8.3% in May from the same period last year, marking the third consecutive month of decline. The biggest factor was the continued reduction of flights on the Asia-Europe route, which accounts for 20% of global traffic, due to difficulties in flying over Russia caused by the Ukraine crisis. According to the TAC Index, an international index, air freight rates for shipments from Shanghai to Europe rose 40% compared to the end of February, the lowest level in recent months.

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Ocean freight rates decreased via the East Coast of North America (-1.7% week-on-week), via the West Coast of North America (-2.5%), Europe (-2%), and Korea (-2.7%).