More signs of improvement in air freight

The information in the first 10 days of March 2023 shows that the slight improvement in the air transport market as production in China has increased again, but demand in ASEAN and neighboring markets remained weak as most industries saw a sharp drop in export orders from the EU-US market bloc. Along with China's efforts to restore production, e-commerce and a more vibrant global travel season from the second quarter are expected to reinforce the optimistic signals for the global aviation market

Earlier, in its latest weekly market report, data provider TAC Index indicated that the overall Baltic Air Transport Index including freight rates offered by forwarders increased by 3 .5% for the week to March 6, 2023.

“After a long period of falling spot rates and contracts being renegotiated at lower levels, the market may finally bottom out and gradually rise again, as China opens its market up,” TAC said. Schools and shipping are busy in the second quarter.”

In fact, spot rates and shipping volumes increase as production in China gradually recovers.

Elsewhere, freight forwarding company Flexport also recorded an improvement in demand. Accordingly, the demand for transpacific eastbound air transportation from northern China is continuing to increase leading to limited capacity.

“The main contributing factor is the increase in demand in e-commerce freight. As a result, freight rates have increased in the first week of March 2023,"-Flexport said.

The company said supply from southern China is scarce while demand is growing in the market, leading to higher freight rates from last week.

On the other hand, demand from Taiwan, Korea and Southeast Asia is still weak and needs more time to catch up.

Many ASEAN member economies are export-oriented and highly influenced by external factors. Weak demand led to a decrease in orders from large and traditional markets in Europe and America, which directly impacted the air transport market connecting to ASEAN. However, some optimistic signals from the Chinese market - the largest and nearest partner of ASEAN countries, plus a "new wind" from Oceania markets are expected to help the market prosper. next month.

From the Americas, demand has remained stable while demand from Europe has increased along with fluctuations in freight rates.

Related News

Develop dry ports, optimize import and export transportation

The Prime Minister has just approved the master plan on development of the inland port system for the period of 2021 - 2030, with a vision to 2050

Da Nang welcomes a container train bringing goods from the Central region straight to the United States

With a direct journey from Tien Sa port to Long Beach port, the WanHai 362 container train significantly shortens the cargo transport time from Da Nang - United States.

POLA and POLB (USA) continue to decline in volume of goods

Cargo throughput in July for the Port of Los Angeles (POLA) and the Port of Long Beach (POLB) both declined, according to recent reports by each port.

Related News

HUNG KING COMMEMORATION'S DAY HOLIDAY NOTICE

Glotrans would like to sincerely thank our valued customers and partners for your trust and support in using our services throughout the past year.

Glotrans Sporting Football Club: Competing in the HUTECH Alumni & Business Leaders Football Tournament 2024!

In the morning of April 6th, Glotrans HCM enthusiastically participated in the opening ceremony of the HUTECH Alumni & Business Leaders Football Tournament 2024, marking the beginning of a spirited and united sport journey.

Glotrans is proud to receive IATA Cargo Agent Certification (IATA number 37303520004)

This is an important milestone marking Glotrans's strong development in the field of air transport, while also affirming its position. Glotrans is a reputable and professional logistics service provider