Due to the expectations of peak season preparation starting from September, rates and market demand have shown a significant increase.
Global Demand Rebound (Week-on-Week):In the last week of September, global billable weight increased by 2% week-on-week, recovering from a 2% decline due to holidays the previous week. Volume in Week 39 was about 10% higher than the same period last year, mainly due to significant recovery in the following regions: 6% growth in APAC, 4% growth in Central and South America, and 2% growth in the Middle East and South Asia.
Rate Increase (Year-on-Year):The global average rate increased by 1% to $2.61/kg week-on-week, up 10% year-on-year. The global spot rate increased by 4% to $2.86/kg week-on-week, 20% higher than last year. Notably, spot rates in APAC and the Middle East and South Asia increased by 26% and 86% year-on-year, respectively.
Bangladesh Market Disruption:Due to ongoing political and logistical challenges, Bangladesh to Europe volume decreased by 15% year-on-year in September, while spot rates remained high at $5.11/kg, up 138% year-on-year. Volume from Bangladesh to the US increased by 50% year-on-year, with spot rates continuing to exceed $7/kg, more than triple the level of last year.
Q3 Growth:Global billable weight in Q3 increased by 1% quarter-on-quarter and 11% year-on-year, with rates increasing by 1% quarter-on-quarter and 10% year-on-year. This is mainly due to APAC and the Middle East and South Asia, with these markets expected to play a key role in the peak season in Q4.