Worldwide air cargo rates continued to fall at the end of June and start of July, pressured by weaker demand and lower fuel costs, even as renewed Middle East tensions raised risks of fresh supply chain disruptions, reported LA's Global Trade.

WorldACD Market Data showed the global average rate dropped 1 per cent week on week to $3.13 per kilogram in the seven days ending 5 July, following a 2 per cent decline the prior week. Spot rates fell 2 per cent to $3.62 per kilogram, with decreases across all major regions.

Despite the weekly slide, spot rates remained 37 per cent higher year on year, led by gains from the Middle East & South Asia and North America (up 46 per cent), Africa (42 per cent) and Asia Pacific (37 per cent).

Global cargo volumes fell 2 per cent in week 27 after a 1 per cent decline the previous week, impacted by the US Independence Day holiday. North America saw the sharpest weekly drop at 10 per cent, while Central & South America fell 7 per cent. Year on year, worldwide chargeable weight was still 4 per cent higher, supported by an 8 per cent rise in Asia Pacific shipments.

Hong Kong Europe traffic slumped 12 per cent week on week after the EU ended its de minimis duty exemption on low value imports, while China Europe flows steadied. Asia Pacific Europe volumes fell 2 per cent in the week, with spot rates easing to $5.09 per kilogram.

Analysts warned that renewed hostilities involving the US and Iran could heighten disruptions to freight markets despite the recent easing in prices.

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