Data from the Baltic Exchange shows that Hong Kong–North America airfreight rates rose 6.3% month-on-month to $5.70 per kg in October, while routes to Europe increased 4.1% to $4.59 per kg.

Airfreight rates out of Hong Kong continued to climb in October amid ongoing U.S.–China trade negotiations, though the growth on European lanes lagged behind improvements to North America.

According to the Baltic Exchange Airfreight Index, which uses TAC Index data based on both spot and contract rates, the average rate from Hong Kong to North America rose 6.3% from September to $5.70 per kg.

While rates on this trade remain 0.5% lower year-on-year, the gap has narrowed compared with the 10.4% decline recorded in September. Sources report that spot prices from Hong Kong to North America have continued to rise in recent weeks.

WorldACD has also recorded spot rate increases from China to the U.S. recently, attributing the trend to ongoing trade negotiations and the prospect of new tariffs, which have driven up demand.

“That most likely reflects pressure on capacity, partly due to importers attempting to front-load cargo ahead of the new, higher U.S. import tariffs on Chinese goods starting next month—announced by the U.S. on October 10 in response to China’s restrictions on rare-earth exports,” WorldACD noted in a recent market update.

Rates also typically rise at this time of year—peaking in December—as the market enters its traditional high-demand season.

Meanwhile, rates from Hong Kong to Europe have also been trending upward in recent weeks. TAC Index data shows a 4.1% increase in October compared with September, reaching $4.59 per kg, though still 5.9% lower year-on-year.

While prices to Europe are higher than last month, the level of increase remains below recent years, reflecting expectations among market observers of a quieter peak season on this trade in 2025.

Earlier this year, the market saw a shift in demand from Asia to the U.S. instead of Europe due to the ongoing tariff dispute between Beijing and Washington, which may have led to high inventory levels and lower shipping demand for this year’s peak season.

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Edited by: Cofast News Editorial Team (according to Air Cargo News)

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