Drewry’s East-West Air Freight Price Index recovered 2.0 points in July to a reading of 90.3, lifting it off its lowest ever level since the index was first launched in May 2012.
In US dollar terms, this still left the benchmark well below the $3 per kg threshold, first breached in May of this year, but made up for some of the past two months’ losses.
But by comparison with the same month last year, the price index was 12% adrift, indicative of the remaining underlying weakness in the market.
Drewry expects air freight pricing "to remain weak over the coming months".
The UK-based consultancy added: "Last month’s recovery represented no more than a minor market correction to record low freight rates. The combination of stagnant cargo growth and rising capacity, driven by buoyant passenger demand, will limit scope for any noticeable recovery in pricing."
Source: Drewry East-West Air Freight Price Index
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