Hong Kong air cargo market stays resilient despite seasonal shifts

Demand in Hong Kong’s air cargo market demonstrated resilience last month, with freight rates holding steady above 2023 levels despite seasonal slowdowns and geopolitical uncertainties.

Data analytics from the sector shows that airfreight prices from Hong Kong to key international destinations continued to rise year-on-year. North America-bound shipments sustained an increase of over 15% compared to the same period in 2023, though rates eased slightly from January due to expected seasonal trends.

The typical post-Lunar New Year slowdown, caused by temporary factory shutdowns, led to a brief decline in cargo volumes. However, the extended holiday period this year altered rate dynamics, with demand intensifying later in February rather than peaking in January.

Although mid-month rates on the Hong Kong–North America route dipped, they rebounded towards the end of February, reflecting renewed demand. Concerns over potential disruptions from new US trade policies have yet to significantly influence pricing, with industry analysts suggesting that any impact may emerge in the coming months.

Market data highlights a steady recovery in cargo volumes following the holiday break. By the third week of February, chargeable weight from the Asia Pacific region rose by 6%, nearing mid-January figures. Demand for North America and Europe-bound shipments increased by 5%, with Hong Kong and Japan reporting notable growth in exports to the US.

In Europe, airfreight rates from Hong Kong remained approximately 4.5% higher year-on-year. The earlier surge in demand due to Red Sea shipping disruptions has now stabilised, contributing to a more balanced rate environment. Meanwhile, transatlantic routes from Europe to North America maintained their strength, with freight rates exceeding last year’s figures by over 26%. Reduced cargo capacity, linked to lower passenger flight volumes in winter, has continued to support elevated prices.

Despite global economic and trade uncertainties, Hong Kong’s airfreight sector remains stable, with demand recovering after the Lunar New Year holiday. However, industry stakeholders are closely monitoring evolving trade regulations and their potential long-term effects on air cargo flows.

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