Global air cargo volumes saw a notable recovery in mid-May, with a 6% week-on-week (WoW) increase in tonnages during week 20 (12–18 May), largely driven by a resurgence from Asia Pacific. This rebound follows a recent softening of US-China trade tensions and the end of holiday disruptions in Japan and South Korea.
According to WorldACD Market Data, the majority of the global tonnage gain came from China, Hong Kong, Japan and South Korea. Japan recorded a sharp 60% WoW increase and South Korea rose by 21%, both bouncing back from public holidays. Meanwhile, volumes from China and Hong Kong rose by 8% WoW, spurred by an interim US-China agreement that reversed or delayed new tariffs and softened restrictions on low-value imports. As a result, shipments from China and Hong Kong to the US surged 19% WoW, returning to levels seen before the recent slump caused by tariff hikes.
Spot rates on the transpacific route have stabilised at around US$4 per kilo after spiking in April. Similarly, cargo volumes from China and Hong Kong to Europe strengthened, with China alone posting a 9% WoW increase. Combined volumes are now close to their peak-season levels. However, pricing trends diverged—spot rates from China to Europe fell 5% to US$3.71 per kilo, while Hong Kong to Europe rates edged up 2% to US$4.39.
Despite the overall growth, declines in flower shipments post-Mother's Day led to a 4% drop in volumes from Central & South America (CSA), contributing to a partial offset in global gains. CSA saw a 23% drop over the last two weeks compared to the previous two, although volumes remain 3% higher year-on-year (YoY).
Elsewhere, tonnage declines were minor from North America (-2%) and Africa (-1%), while MESA and Europe recorded healthy gains of 11% and 6% WoW, respectively.
Globally, average airfreight rates rose 2% WoW to US$2.33 per kilo in week 20, thanks mainly to Asia Pacific. Nonetheless, rates remain 4% lower YoY. The steepest YoY declines were seen from MESA, with spot and average rates down 23% and 15%, respectively, from last year's inflated levels.
