Air freight groups and airlines, which only recently cut flights to China amid weak tourist demand, are scrambling to reroute planes and cash in on elevated freight rates out of the country ahead of Black Friday and the Christmas shopping season.
Strong growth in demand for cheap online goods from Chinese ecommerce groups and the rising use of air freight amid disruption in the Red Sea are threatening to overwhelm the already strained rapid delivery market before Christmas, causing air freight rates to jump.
The freight rate for flying goods from Asia to the US has surged, with the average spot price in October up 49 per cent from a year ago to $5.46 a kilogram, according to market analytics firm Xeneta. Rates from Asia to Europe rose 25 per cent over the same period.