Air freight prices out of Asia fell to their lowest level in a year and a half in February, sliding 14.1 percent from the same month a year ago, according to the Drewry Air Freight Price Index.
The Drewry index, measuring air freight pricing from Shanghai, also fell 6.4 percent from the month before, the third time in four months the freight rate figure has declined.
By The Numbers: Air Freight Price Index
The price drop came as freight traffic for Asia’s airlines fell year-over-year in February for the first time since October 2009, sliding 4.2 percent, while capacity expanded 1.7 percent, according to the Association of Asia-Pacific Airlines.
Freight traffic for the airlines in February, which included the Chinese New Year break in factory production, also fell 14.5 percent from January.
With capacity growing, that helped push the Drewry Air Freight Price Index to 98.1, the lowest point since a 97.5 reading in September 2009.