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April 30, 2024

WeFreight’s April 2024 Freight Market Update

Freight-forwarding-market-update_Apr-2024

Stay informed with our comprehensive April Market Update —your essential guide to the latest trends impacting ocean freight, air freight, road freight, and warehousing operations. Unlock strategic insights that will help you navigate capacity constraints, shifting rates, and more, enabling better decision-making for your logistics needs. 

Here’s a glimpse into some key findings: 

  • Air Freight: Global air cargo demand surged 11% YoY in March for the third month, boosted by strong e-commerce and Red Sea conflict impacts on ocean freight, benefiting forwarders and airlines, reports Xeneta. 
  • Ocean Freight: The WTO forecasts merchandise trade growth of 2.6% in 2024 and 3.3% in 2025 after a 1.2% drop in 2023. BIMCO expects container volumes to rise 3-4% annually, outpacing the global economy, especially in early 2024. 
  • Road Freight: According to the Anderson Trucking Service (ATS), trucking rates are tough in Q1 as most of the US is blanketed in snow and ice. Q2 makes way for spring seasonality that can boost freight availability.   
  • US Warehousing: +0.5% increase in the national average of warehouse storage costs YoY in Q1 ’24 vs Q1’23, with a -0.6% decrease QoQ. The national average of warehouse storage 

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