Global air freight prices have fallen again, according to the latest data from TAC Index, a price reporting agency (PRA) for air freight.
"The overall Baltic Air Freight Index BAI00 fell -5.8% in the week to 10 April, taking its loss over 12 months to -43.7%, bearing out what sources described as 'soft' or 'unstable' market conditions following a modest bounce during March," it said.
TAC Index noted that prices fell last week from all major outbound locations including Hong Kong BAI30, which dropped -6.1% WoW to take its YoY decline to -41.4%, and Shanghai BAI80, which fell -4.7% WoW taking the YoY drop to -47.9%.
"Reports were suggesting the global container shipping market has been turning more positive after a steep fall, but with shippers of goods like garments opting more for the cheaper option of sea transport rather than air cargo," the April 12 report added.
Rates from other regions were also weaker.
TAC Index said Frankfurt BAI20 was down -4.6% WoW for a fall of -46.2% YoY, London BAI40 down -6.3% WoW for a YoY fall of -44.4%, and Chicago BAI50 down -8.6% WoW for a YoY fall of -35.1%.
"Among the few markets bucking the global trend was India, where rates were rising both to Europe — by +2.0% WoW – and to the US – by +4.4% WoW, though both routes remain a very long way down YoY, by -63.4% and -71.9%, respectively," the report further said.
