Global Freight Market Trends: April 2024

In April 2024, the air freight sector experienced a 12% decline in global tonnages, yet demand and rates from the Middle East and South Asia to Europe remained strong. European tonnages, however, saw an 11% week-over-week decline, indicating regional variances in demand and market conditions.

The ocean freight sector is undergoing notable changes, as carriers push for rate hikes across all outbound Asia lanes. This move is prompted by increased demand and equipment shortages, with expectations for these adjustments to continue through the summer, reflecting shifting demand patterns in global trade.

In road freight, the EU faced a significant drop in volumes, attributed to weaker consumer sentiment. Conversely, road transport demand in the US is on the rise, with economic indicators suggesting a manufacturing rebound in Q2 and Q3 of 2024. Despite challenges such as fluctuating transport prices and capacity constraints, the overall global freight market outlook remains positive, with recovery signs emerging across multiple sectors.

Source: Noatum Logistics