Global air cargo tonnages rose 6% year-on-year in April, driven by a 10% increase from Asia Pacific origins as U.S. importers adjusted to changes in China-U.S. trade regulations.
WorldACD market data shows chargeable weight rose year-on-year in April across all major origin regions except the Middle East & South Asia (MESA), where tonnages remained flat.
Asia Pacific led growth with a 10% increase, followed by 7% from Central & South America (CSA), 5% from North America, 3% from Africa, and 2% from Europe.
April's 6% year-on-year gain follows a 4% increase in March and 2% growth in Q1 2025, bringing total tonnage growth for the first four months of 2025 to 3% compared with the same period in 2024. Month-on-month, CSA recorded a 16% rise in April, while tonnages declined 10% from Europe, 12% from MESA, 7% from North America, and 5% from Asia Pacific.
[Source: WorldACD]
Global air cargo rates remained stable in April at US$2.43 per kilo, based on a market-wide average of spot and contract rates. Year-on-year rates rose 7% from Africa origins but dropped 14% from the Middle East & South Asia (MESA), where last year’s prices were inflated by Red Sea shipping disruptions.
WorldACD noted that despite global market uncertainty and the upcoming end of de minimis exemptions on May 2 for U.S. imports from China, worldwide tonnages held steady in the final week of April.
Central & South America (CSA) recorded a 19% weekly increase, driven by Mother's Day flower shipments.
MESA shipments rose 4% week-on-week (WoW) and year-on-year (YoY), while Asia Pacific tonnages grew 3% WoW, pushing them 6% higher than April 2024. However, Asia Pacific's average rates edged down 1% WoW, falling 1% below last year's levels.
China-U.S. market volatility
The report said spot rates from Asia Pacific fell 2% WoW in week 17 to US$3.67 per kilo, but remain 3% higher than last year.
After four consecutive weeks of WoW tonnage declines from China and Hong Kong to the U.S., volumes rebounded slightly in week 17, up 1% WoW for China and Hong Kong and 3% WoW for Asia Pacific. Year-on-year, however, tonnages from China and Hong Kong to the U.S. were 15% lower.
Following a seven-week climb in spot rates from China and Hong Kong to the U.S.—peaking at US$5.63 per kilo—rates fell for the second consecutive week, reaching US$4.18 per kilo in week 17.
WorldACD said the decline suggests pre-loading activity on that lane may be tapering off.
Meanwhile, Asia Pacific-Europe rates have held steady at around US$4 per kilo for two months, including China-Europe lanes.
Further instability ahead
"The end of 'de minimis' exemptions for US imports from China and Hong Kong from May 2 is widely expected to lead to a significant drop in demand and capacity from China and Hong Kong to the US, with some freighters expected to be repositioned to other markets, leading to potential marked volatility in demand, capacity, and pricing on several markets in the coming weeks," WorldACD said in its latest market analysis.
