Consumers, who used to spend their lockdown periods shopping online for the goods they want, are now traveling in increasing numbers abroad.
Passenger planes, which have cargo spaces, have also started flying again after they were halted due to the pandemic, in what constitutes a challenge and creates competition with companies specialized in air freight.
The shift in demand from goods to services and the sudden expansion of cargo capacity on passenger aircraft cut air freight demand by a third last year.
Air cargo industry executives and analysts say this is a shock to the roughly $200 billion industry that handles a third of global trade by value.
The International Air Transport Association said air freight in June experienced the slowest contraction since February 2022.
Norwegian freight market analyst Xenita said freight rates from China or Southeast Asia to the United States have risen by about five to seven percent since mid-July.
“If you look at it from a global perspective, we certainly still see a downward trend this year, and it could extend into next year,” said Peter Sand, senior analyst at Exinita.
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