Hong Kong air freight market holds firm

The Hong Kong air freight market retained its strength last month despite seasonal and geopolitical pressures, with freight rates remaining above last year’s levels.

Industry data indicates that airfreight rates from Hong Kong to major global destinations continued their upward trajectory compared to 2023. Shipments to North America have maintained a year-on-year increase of over 15%, even as prices softened slightly from January due to seasonal trends.

The typical post-Lunar New Year lull, driven by temporary factory closures, contributed to a short-term dip in cargo volumes. However, the extended nature of this year’s holiday period influenced rate patterns, with demand surging later into February rather than peaking exclusively in January.

Rates on the Hong Kong-North America route dipped mid-month but rebounded towards the end of February, suggesting a renewed push in demand. Concerns surrounding new US trade measures have yet to significantly impact overall pricing, with analysts suggesting that any effects may only become evident in the coming months.

Data from market sources highlights a steady recovery in cargo volumes following the Lunar New Year break. The third week of February saw a 6% rise in chargeable weight from the Asia Pacific region, bringing figures close to mid-January levels. Demand for shipments to North America and Europe rose by 5%, with Hong Kong and Japan recording notable increases in exports to the US.

In Europe, air freight rates from Hong Kong were around 4.5% higher year-on-year. The previous surge in demand caused by disruptions in the Red Sea region has levelled off, contributing to a more stable rate environment. Meanwhile, transatlantic routes from Europe to North America have continued their strong performance, with freight rates exceeding last year’s levels by more than 26%. Limited cargo capacity, due in part to reduced passenger flights in winter, has supported elevated pricing.

Despite global headwinds, the Hong Kong air freight sector has maintained its resilience, with rates holding firm and demand recovering post-holiday. However, stakeholders remain cautious, monitoring evolving trade policies and their potential long-term impact on airfreight flows.

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