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The global economy is on a positive trajectory, with GDP growth surpassing expectations and the manufacturing PMI hitting its highest level in nearly two years. The OECD’s Composite Leading Indicator suggests continued moderate growth, reinforcing optimism for the months ahead.
In the air freight sector, despite a 12% dip in global tonnages at the end of April, demand and rates from the Middle East and South Asia to Europe remain robust. However, European tonnages experienced an 11% decline week over week, highlighting regional variances.
Ocean freight is undergoing significant shifts. Carriers are pushing for rate hikes on all Asia outbound lanes due to increased demand and equipment challenges, a trend expected to continue into the summer. This adjustment is critical as the market adapts to changing demand patterns.
Road freight tells a mixed story. In the EU, deteriorating consumer sentiment led to a significant decline in volumes last year. Conversely, in the US, road transport demand is on the rise, with economic indicators pointing to a manufacturing rebound in Q2 and Q3.
Despite challenges such as soft transport prices impacting carrier profits and potential capacity issues, the overall outlook for the global freight market remains positive. Signs of growth and recovery are evident across various sectors.
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