Global Air Cargo Market Surges: Vietnam emerges as a Hotspot

Spot rates surge: Despite a recent dip in tonnages from Asia Pacific, global air cargo spot rates have reached their highest levels this year.
Vietnam emerges as a hotspot: Carriers are increasing capacity to meet booming demand for ecommerce exports from Vietnam.
Rates on the rise: Air freight rates from Vietnam to North America and Europe have seen significant increases, driven by strong demand and capacity constraints.

The global air cargo market is experiencing a resurgence, with spot rates climbing to unprecedented heights. Despite a temporary decline in tonnages from Asia Pacific during the Golden Week holiday, worldwide rates have consistently risen, reaching their peak for the year.

One region that has captured the attention of carriers is Vietnam. The country’s burgeoning ecommerce sector is driving a surge in demand for air cargo services. Major airlines like Qatar Airways Cargo and Lufthansa Cargo are expanding their operations in Vietnam to accommodate the growing volume of exports.

Capacity from Vietnam to North America and Europe has witnessed substantial growth, with rates following suit. The TAC Index reports significant year-over-year increases in rates from Vietnam to both regions.

While carriers are optimistic about the continued growth in demand, they also acknowledge the challenges of maintaining profitability in a competitive market. The ability to identify and capitalize on high-demand routes will be crucial for success in the coming months.

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