Air cargo rates surge 27% in August: Data

[Courtesy of Asiana Airlines Co.]

Global air cargo rates have soared in August, a typically slower season, contributing to the earnings growth of major carriers.

According to multiple sources from the aviation industry on Sunday, the air freight rates on Hong Kong to North America reached $5.96 per kilogram (kg) in August, up 27 percent from the lowest of $4.66 in February, based on the Baltic Air Freight Indices (BAI).

The months of July and August are typically considered low season for air cargo, with rates generally at their lowest. This year, however, air cargo rates have risen steadily since the beginning of the year.

Analysts say that the recent sharp rise in ocean shipping rates has increased demand for relatively cheaper air freight.

Domestic and international air cargo volume for July totaled 354,224 tons, a 9 percent increase on year, according to data from the Ministry of Land, Infrastructure and Transport.

Air cargo volume during the first seven months of this year reached 2.4 million tons, up 15 percent from a year ago.