Pactl July handle reveals increased lane imbalance

Exports out of China remained robust in July, but airfreight imports remain significantly lower compared to 2019, according to data from Shanghai Pudong International Airport Cargo Terminal Co. Ltd. (Pactl), the largest handler at Shanghai Pudong (PVG). Import volumes have always lagged behind export volumes, but this year, imbalance continues to diverge. Pactl reported international outbound July cargo handle up 5.3% year over year to 88,000 tonnes as inbound international volume fell 17.2% YoY, to 48,176 tonnes. Year to date, international inbound volume remained 14% lower, whereas Pactl’s overall handle was down by just 1.2% YoY. Last year, inbound cargo represented 40% of Pactl’s international cargo throughput. For the first seven months of 2020, the figure is averaging 35%. Such imbalance translates to a significant rate differential between import-export cargo moving between Asia and markets in Europe and North America. Outbound airfreight rates are down from their peak in 2Q20, but remain elevated compared to last year at around $5 per kilo, according to a source familiar with the spot rate market. For the week of Aug. 10, rates ex-PVG to the United States fell slightly, according to data from the TAC Index. Inbound rates on some China-to-Europe routes remain persistently low at around $1 per kilo. With a total throughput of 3.77 million tonnes in 2018, PVG was ranked third in Air Cargo World ’s list of the Top 50 Cargo Airports . Pactl handled 1.91 million tonnes in 2018, representing about 50% of PVG’s total air cargo throughput.

Pactl July handle reveals increased lane imbalance

Pactl July handle reveals increased lane imbalance

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