Air freight rates were 86 percent higher in August 2021 compared to the 2019 baseline and 20 percent more than the 2020 level. Rates will remain high on huge demand growth against the limited capacity increase, according to the DHL report on the Airfreight state of the industry. Volume growth was strong at +21 percent year-on-year in August 2021.
The airfreight market is set to see strong demand due to the upcoming ecommerce events like Black Friday and Singles Day. Another key reason for the high demand is the conversion of ocean freight to air due to port congestion in the U.S.
Rates continued to remain high in August as manufacturers were replenishing stocks using air freight, the report said.