International air freight rates have rebounded in October 2023

As the aviation industry enters its traditional peak season, air freight rates on major east-west routes rebounded in October.

The latest data from the Baltic Exchange Air Cargo Index (BAI), based on TAC data, shows that the average freight (spot and contract) from Hong Kong to North America has increased by 18.4% compared to September, to $5.80 per kilogram. Compared to the same period last year, prices have decreased by 13.9%, although the gap within two years has continued to narrow from the high of 47.7% in May.

From Hong Kong to Europe, prices in October increased by 14.5% from September, reaching $4.26 per kilogram. Compared to last year, the price of this route has decreased by 26.3%. As the aviation industry enters its peak season, air freight rates often rise at this time of year, but the magnitude of the increase depends on the strength of demand.

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