Air Freight Market China
With the COVID-19 restrictions lifted, everyday life in China is largely back to the way it was before the pandemic, with booming shopping malls and full restaurants. As a result, retail sales grew by 5.8% in the first quarter of 2023. Overall, China’s economy has recovered noticeably. The world’s second-largest economy grew by 4.5% year-on-year in the first quarter – the fastest pace in a year. Economic growth may also have been boosted by stronger-than-expected export growth in March. The value of Chinese exports rose by 14.1%, the first increase in five months. The increase can be explained by the resolution of supply chain problems following the first major infection wave after the lifting of the restrictions.
According to the China Air Transport Association, China’s aviation industry has recovered rapidly in the first quarter of 2023. By returning to almost pre-pandemic levels, the volume of passenger flights recovered to 82.3% in the first quarter of 2023 compared to 2019 levels. The return of PCR-test free travel and the resumption of international flight routes also has implications for the air freight industry. As a result, air freight volumes have recovered to 80% of 2019 levels.
While domestic flight routes have seen a strong recovery, international routes, in particular to the European and US markets, are lagging behind due to traffic rights, time slots, and airport support capabilities. Furthermore, experts point out that global demand for products made in China is still relatively weak.
For air freight inquiries to and from China, please reach out to your local cargo-partner contact to find the best solution for your needs.