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Cargo Newswire

Air cargo volumes remain stable in January: WorldACD

February 21, 2021
in Air Cargo Statistics
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WorldACD has observed that the worldwide volumes in January 2021 were the same as in January 2020, making January the first month since the start of the pandemic not showing a decline year-on-year (YoY). Although worldwide rates per kg were 75 percent higher YoY, they were 8 percent lower than those in December. The worldwide load factor dropped by 2 percentage points month-over-month (MoM) but increased by 17 percentage points YoY, thanks to a drop in capacity of 28 percentage points (excluding integrators). The load factors on wide-body freighters gained 7 percentage points YoY, while wide-body passenger aircraft booked an increase of 22 percentage points.The outstanding performers in January were virtually all to be found in the Asia Pacific region, which has indeed recovered quickest from the consequences of the pandemic. The area as a whole improved by 12 percent YoY outgoing and 14 percent incoming. The origins of Vietnam and Japan each increased their outgoing volumes by more than 30 percent, closely followed by Taiwan (+25 percent). Outside Asia, only the United States managed to improve its performance as an air cargo origin (+3 percent YoY), with the Midwest as the main engine of growth (+13 percent). A striking feature of the North American market was the fact that incoming business from Europe showed the highest YoY rate increase of all major markets: +147 percent.Express, high tech, and general cargo were the product categories showing YoY volume increase (Express was 40 percent up). In terms of changes in USD-rates, we noted increases varying from +18 percent for flowers to +83 percent for general cargo (see also chart below).

Taking a closer look at January, it is important to not overlook the fact that Chinese New Year (CNY) was in January last year, and in February this year. Even though there usually is a flurry of activity from Asia just before CNY, the whole period as a rule shows a dip. Yet, this year the January-volumes ex-China and Hong Kong were 93 percent of the top-month of November; a year ago, that figure stood at 77 percent only.Over a longer period of time, yields/rates (in USD) developed as follows:

Consequences of market volatility
For about a year, the increased volatility in air cargo markets has also increased the appetite of many in the business for getting the most recent information. At the same time, ongoing digitization has created new platforms, each covering (often small) subsets of the overall market. This has caused a proliferation of new data providers. They tell WorldACD often on a weekly basis – how markets behave, how volumes and load factors change, what happens on a particular lane, how an index moves, etc. Covid-19 has changed the air cargo world, and that world is unlikely to change back to the “old normal”.What has not yet changed, however, is the fact that it takes time for companies active in air cargo, to assemble, validate and finalise all information about their shipments, be they airline, forwarder or shipper. This has consequences for data quality: (i) the quicker data are made available, the more provisional their nature, and (ii) the smaller the basis on which they are built, the less representative they are as an indicator for the market as a whole. No weekly data service can escape this logic, however much we all would like to combine speed with accuracy & completeness.In the first two weeks of February, WorldACD has observed that both volumes and capacity decrease, particularly from the Asia Pacific (CNY), while rates continue their upward trend that started in the last part of January.

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Devender Grover

Devender Grover

Devender was born in the year when the Beatles Group was formed. He holds two master’s degrees in English Literature and Public Administration. He also has an Honors degree in English Literature and a post-graduate diploma in Corporate Communications and Public Relations. He was closely associated with the Indian State Transport Undertakings and Ministry of Transport in his role as Corporate Communications and PR specialist for over two decades handling domestic and international organizations. He ventured into business forming his own Media House, Profiles Media Network Private Limited which is now a twenty years old company. Excelling as an editor, Marketing, PR, Anchor, and Advertising specialist, he is now expertly navigating the world of social media. A widely traveled professional internationally, Devender has a deep understanding of the Air Cargo, Cargo Business, Cargo Airports, Freighters and Cargo Industry at large.

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